The global smartphone market experienced a 6% year-on-year growth in the first quarter of 2024, as per the latest report by Counterpoint Research. This growth marked the highest revenue ever generated from smartphone sales in a first quarter. With a total of 296.9 million shipments, Samsung surpassed Apple to claim the top spot in the smartphone market.
Samsung Surpasses Apple as Global Smartphone Leader
The Counterpoint Market Monitor service's quarterly analysis sheds light on the global smartphone market's recent performance. The growth in shipments was primarily driven by strong showings in key regions like Europe, Latin America, Africa, and the Middle East. Notably, emerging markets continued to exhibit robust momentum, particularly in Europe. Overall, consumer demand has been steadily increasing, accompanied by enhancements in inventory levels across various markets.
Emerging Trends in Q1 2024 Smartphone Market
The smartphone market dynamics in the first quarter of 2024 revealed some noteworthy trends. Revenue from premium smartphone offerings is on the rise at a faster pace compared to shipment growth. This trend is expected to continue, driven by innovations in form factors like foldable smartphones and advanced features. Samsung took the lead in global smartphone shipments with a 20% market share, displacing Apple. Meanwhile, Apple experienced a 13% year-on-year decline in shipments primarily due to high inventory levels from the previous quarter. Among the top five smartphone brands, Xiaomi from China saw the most substantial growth, with a 34% increase in shipments year-on-year.
The performance of smartphone brands varied across different regions. For instance, Transsion brands like Tecno, Itel, and Infinix performed well in Eastern Europe, India, APAC, and MEA regions. In contrast, OPPO witnessed declines in several markets, indicating heightened competition. Xiaomi, on the other hand, demonstrated growth across most key markets. Looking ahead, the outlook for the next quarter appears optimistic, with trends expected to continue beyond the second quarter of 2024.
