TechInsights’ latest research reveals a continued recovery in the global smartphone market with shipments rising year-over-year in Q3 2024. Global smartphone shipments reached 307.7 million units, marking a 3.8 percent increase compared to the previous year.
Samsung maintained its lead in the market, holding nearly 19% share while Apple closely followed with a 17 percent market share. Xiaomi, OPPO including OnePlus and Vivo, completed the top five positions.
Revenue trends have also shown resilience driven by strong demand in emerging markets such as Africa, Latin America, and Asia-Pacific. However, North America and Central and Eastern Europe experienced declines with the latter affected by ongoing geopolitical issues.
While Samsung and Apple remain the industry leaders their performance varied by region. Samsung faced increased competition and mixed results in mature markets while Apple experienced significant growth, especially in Western Europe, India, and Japan. This growth was attributed to strategic pricing on both new and legacy models.
Xiaomi and vivo demonstrated steady growth, with Vivo ranking first in the Asia-Pacific region, benefiting from demand for both budget and premium models. OPPO and OnePlus reported flat results as they navigated competitive pressures. Meanwhile, Lenovo-Motorola and Huawei outperformed expectations, showing growth driven by strong regional strategies and new product lines.
Despite a deceleration in growth rates the global smartphone market is projected to see a modest uptick through the end of 2024. However, potential challenges remain including supply chain costs economic uncertainties, and heightened competition particularly as Huawei re-enters the 5G market.
Looking ahead Apple and Samsung are expected to retain their top positions with Apple’s iPhone SE release in 2025 potentially setting the pace for the upcoming year.
YOU CAN FOLLOW US ON– Telegram, Twitter, WhatsApp, and Google News
