Accoding to a report by Counterpoint, global smartphone shipments grew 8 per cent (YoY) in the second quarter (Q2) of 2024. Almost all the regions registered growth, owing to improving consumer sentiment and macroeconomic conditions. This marks the third consecutive quarter posting growth for the global smartphone market.
Commenting on the report, Prachir Singh, senior analyst, Counterpoint Research, said, “Smartphone shipments registered strong growth as key regions continued on a recovery path. Caribbean and Latin America (CALA) emerged as the fastest growing region as Chinese original equipment manufacturer (OEMs) continued their aggressive push helped by increased demand in smaller markets in the region. Europe and Asia Pacific also registered double-digit growth. The China market grew thanks to a strong performance in the 618 sales, which included significant price discounts including Apple iPhone. And consumer sentiment improved in many European markets, reflected in the growth of smartphone shipments in the region, especially in Western Europe (WE), which grew faster than Central and Eastern Europe (CEE). Middle East and Africa (MEA) also registered single-digit growth due to a more favourable economic environment as well as increasing push from Chinese OEMs. However, India witnessed a marginal decline due to a seasonal slump aggravated by a severe heatwave.”
It added that global smartphone revenues also grew by 8 per cent YoY in Q2 2024. Apple led the smartphone market revenues with a 42 per cent share. Samsung’s revenues grew 5 per cent YoY, due to growth in its application service provider (ASP) as well as shipments. Among the top five OEMs, Xiaomi’s revenue growth was the fastest in a second consecutive quarter as it maintained a strong performance in its key markets. Revenues for the market beyond the top five OEMs also grew significantly, driven by increasing revenues from Huawei, HONOR, Motorola and Transsion brands.
As per the report, Samsung led global smartphone shipments during the quarter, driven by the strong performance of Galaxy A-series as well as continued momentum of Galaxy S24 series. According to our latest report, Samsung captured five spots in the top 10 best-selling smartphones. Among the top five brands, Xiaomi was the fastest growing brand followed by vivo. For Xiaomi, MEA and CALA regions were the major growth drivers, while it also gained momentum in its traditional markets like China, India and key APAC countries. While, for vivo, China remained the major growth driver along with India and South-Asian countries. Huawei, HONOR, Motorola and Transsion were the other key brands that gained during the quarter. Huawei continued its strong momentum in China which was the major reason for its growth. HONOR gained in CALA and MEA, in addition to having a strong share in China. The Transsion brands, TECNO, itel and Infinix, performed strongly in Eastern Europe, India and MEA. India, CALA and North American markets were the growth drivers for Motorola. OPPO experienced a marginal shipment decline, mostly due to a decline in OnePlus’s shipments.
Meanwhile, Tarun Pathak, research director, Counterpoint Research, said, “In terms of shipments, we see a gradual recovery for the global smartphone market. The ongoing premiumisation trend, coupled with the artificial intelligence (AI) trend, is likely going to push up the ASPs and revenues in the coming quarters. Smartphones make the perfect platform for making AI accessible to everyone. Generative AI (GenAI), especially, is revolutionising smartphones. It offers personalised experiences, enhances existing features, and allows for more intuitive interactions. We estimate that GenAI’s share of overall smartphone shipments will reach 18 per cent by 2024.”
