The smartphone market is expected to report a 4 per cent YoY growth in 2024.
The smartphone market experienced a much-needed 6 per cent year-on-year growth in the second quarter of 2024. This growth was driven by the sale of generative AI-powered devices. According to Counterpoint Research’s smartphone 360 monthly tracker, it is the highest growth the industry has seen in the last three years.
Markets like Europe and Latin America, which have witnessed double-digit growth, heavily contributed to this growth. The top five brands remain identical to Q1 2024, led by Samsung with a 20 per cent market share, followed by Apple with a 16 per cent market share, while Xiaomi, Vivo, and Oppo are in third, fourth, and fifth positions, respectively.
Both Apple and Samsung have managed to maintain their positions from previous years, while brands like Xiaomi (including Poco) and Vivo (including iQOO) have been further expanding their market share. Overall, the market is expected to grow at a rate of four per cent in 2024.
Despite the overall growth, the market share of individual brands has declined due to the competition from surging brands like Huawei, HONOR, Motorola, and Transsion group brands. While the top ten brands have captured 90 per cent of the market, Huawei’s re-entry in China is said to have made a significant impact, and even brands such as HONOR and TECNO are also gaining momentum in more markets.
According to Counterpoint, this development is good news for the industry, as smartphone sales in 2023 were the lowest in the decade. This rebound is said to be due to improved consumer sentiments. This growth is said to continue in the upcoming quarter, driven by smartphones with distinctive features such as colour-material finish (CMF), high-resolution cameras, and affordable 5G smartphones.