The global smartphone market is witnessing a resurgence following several years of decline. According to the latest survey by Counterpoint Research, the market experienced a 6% year-on-year (YoY) growth in the second quarter of 2024. This growth is the most substantial in the past three years, as per Counterpoint's findings.
Market Leaders and Shifts
For the third consecutive quarter in Q2 2024, global smartphone sell-through has grown YoY, marking a rapid recovery from the weakest year. The top five smartphone brands have remained consistent from previous quarters, with Samsung maintaining its leading position. Apple's market share saw a slight decline, while Xiaomi showed the fastest growth among the top five global brands.
Regional Performance and Consumer Sentiment
The latest data from Counterpoint Research’s Smartphone 360 Monthly Tracker suggests that the current market resurgence is fueled by improving consumer sentiment and various macroeconomic factors. Notably, the European and Latin American markets experienced the fastest growth in Q2 2024, both recording double-digit increases. These figures indicate a rise in purchasing activity in these regions compared to 2023 levels.
In China, Huawei continued its comeback, driven by several initiatives that solidified its recovery. Emerging markets, particularly in Latin America and Asia, outperformed established ones.
Future Prospects and Brand Performances
According to Counterpoint’s Research Director Tarun Pathak, the growth in smartphone sales over the last three quarters is a positive sign for the industry, especially after a significant slump in 2023. The market quickly rebounded due to a mix of improving consumer sentiments and better inventory positions.
The outlook for the remaining quarters of the year remains optimistic. Smartphone brands have been prompt in responding to increasing consumer demand by updating their portfolios with several exciting new offerings. There has also been a noticeable increase in the availability of premium models at more affordable prices.
Samsung held 20% of the market, keeping its top position for Q2 2024. Apple followed with 16%, Xiaomi with 14%, Vivo with 8%, and OPPO also with 8%. This ranking mirrors the positions from Q2 2023. However, Xiaomi achieved the highest YoY growth rate at 22% during this period. The combined market share of the top five brands declined YoY in Q2 2024, partly due to competition from resurgent brands like Huawei, Honor, Motorola, and Transsion group brands. The market is expected to continue a gradual volume increase, with the top 10 brands accounting for 90% of the market.
