Smartphone shipments globally increased by four percent on a year-over-year basis in 2024, according to a report by a market research firm. Samsung claimed the top spot in market share, followed by Apple and Xiaomi. The report added that this is the first YoY market growth after “two consecutive years of annual declines.” The growth was chalked up to better consumer sentiment than in previous years due to macroeconomic improvements. Notably, global smartphone sales in 2023 were the lowest in a decade.
Samsung Galaxy S24 Series Models Outperformed Older Models in 2024
According to a Counterpoint Research report based on preliminary results from Counterpoint Research’s Market Pulse, global smartphone shipments grew 4 percent in 2024 over its 2023 numbers. Research Director Tarun Pathak said that 2024’s smartphone markets saw recovery and normalisation, “as macroeconomic pressures softened.”
The market started showing signs of recovery in the fourth quarter of 2023, according to Pathak, and it has continued to grow for five consecutive quarters. He added that almost all markets showed growth, led by Europe, China and Latin America.
Samsung held the top spot with a 19 percent market share, led by “strong demand” for its Galaxy S24 series and A-series smartphones, according to the market research firm. The Galaxy S24 series models, positioned as the company’s first AI smartphones, outperformed older models and were “received especially well” in Western Europe and the USA.
Apple was in second place with an 18 percent market share. The iPhone 16 series received a mixed response, and it was partially “due to a lack of availability of Apple Intelligence at launch.” The company, however, continued to grow well in its “non-core markets like Latin America, Africa and Asia-Pacific-Others.” Senior Analyst at Counterpoint Research, Ivan Lam noted that in markets like China, demand for Apple’s Pro and Pro Max models is “ballooning.”
With a 14 percent market share, Xiaomi came in third, but it was the fastest-growing brand among the top five OEMs in 2024, which included Vivo and Oppo, with eight percent market share each.
Although the top five brands remained the same as 2023, they collectively lost some share to “aggressive competition from Huawei, Honor and Motorola, according to the research firm. The latter is claimed to be the fastest-growing OEM among all the top 10 brands of the year.
The report added that 2024 brought GenAI to premium smartphones and by 2028, nine out of ten smartphones priced above $250 (roughly Rs. 21,700) are expected to be GenAI-capable.
Smartphone volumes are unlikely to reach the peak levels seen in pre-COVID times, but in 2025, the revenue growth is expected to continue to outpace volume growth, with revenues growing 8 percent YoY, compared to 4 percent volume growth.
