Global smartphone market shows steady growth in Q3 2024

The global smartphone market continued its upward trend in the third quarter of 2024 (Q3 2024), according to recent reports from Counterpoint Research and Canalys. Both firms observed year-over-year (YoY) growth, driven by improving economic conditions and renewed consumer confidence.

Key Highlights:

Counterpoint Research Findings:

Global smartphone shipments grew by 2% YoY in Q3 2024, reaching 307 million units.

Samsung maintained its lead in shipments with a 19% volume share.

Apple led in revenue, achieving its highest-ever shipments, revenues, and average selling prices (ASPs) for a third quarter.

The top five brands by shipments and revenue were Samsung, Apple, Xiaomi, Oppo, and Vivo.

Tarun Pathak, Research Director at Counterpoint Research, noted that the market has matured, with stable shipments expected in the coming years. Growth will likely come from emerging markets like India, the Middle East and Africa (MEA), and Southeast Asia. He also highlighted the potential for revenue growth driven by the premiumization trend and new technologies such as GenAI and foldables. By 2028, more than half of smartphones shipped are expected to be GenAI capable.

Canalys Insights:

The market grew by 5% YoY in Q3 2024, reaching 309.9 million units, marking the strongest Q3 performance since 2021.

The surge was attributed to aggressive launches from smartphone brands offering refreshed portfolios with strong value propositions.

Samsung led with 57.5 million shipments, followed by Apple with a record 54.5 million units, largely due to the strong debut of the iPhone 16 series in emerging markets.

Xiaomi secured third place with 42.8 million units, while Oppo and Vivo completed the top five with 28.6 million and 27.2 million units, respectively.

The global smartphone market's continued growth underscores the resilience and adaptability of major brands in meeting consumer demands and leveraging emerging technologies.