The global smartphone market increased by 8 per cent (year-on-year) to reach 289.1 million unit shipments in the second quarter (Q2) of 2024, a new report has shown.
Samsung retained the top position globally, accounting for 19 per cent shipment share, according to Counterpoint Research.
The report noted that almost all regions registered growth, owing to improving consumer sentiment and macroeconomic conditions, marking the third consecutive quarter posting growth for the global smartphone market.
“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 OEMs continued their aggressive push helped by increased demand in smaller markets in the region. Europe and Asia Pacific also registered double-digit growth,” said Senior Analyst Prachir Singh.
As per the analysts, Samsung led global smartphone shipments due to the strong performance of Galaxy A-series as well as continued momentum of Galaxy S24 series.
Moreover, the report mentioned that global smartphone revenues also grew by 8 per cent (year-on-year) in Q2 2024. Apple led the smartphone market revenues with 42 per cent share, while Samsung’s revenues grew 5 per cent (year-on-year) due to growth in its ASP as well as shipments.
Among the top five OEMs, Xiaomi’s revenue growth was the fastest for a second consecutive quarter as it maintained strong performance in its key markets.
Commenting on the near-term outlook, Research Director Tarun Pathak said that in terms of shipments, “we see a gradual recovery for the global smartphone market”.
“The ongoing premiumisation trend, coupled with the 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,” he added.
Pathak estimated that GenAI’s share of overall smartphone shipments will reach 18 per cent by 2024.