Counterpoint: Global smartphone shipments to grow 8% year-on-year in Q2 2024

Counterpoint's latest research shows that global smartphone shipments grew 8% year-on-year in the second quarter of 2024. Growth was achieved in almost all regions due to improved consumer confidence and macroeconomic conditions. This marks the third consecutive quarter of growth in the global smartphone market.

​Global smartphone revenue also grew 8% year-over-year in the second quarter of 2024. Apple led the smartphone market with a 42% market share. Samsung's revenue grew 5% year-over-year due to an increase in average selling price and shipments. Among the top five OEMs, Xiaomi's revenue growth was the fastest for the second consecutive quarter as it maintained strong performance in key markets. The market share of the above $800 segment continued to grow, increasing by 2% year-over-year, while the market share of the below $400 segment also improved.

Samsung Electronics led the global smartphone shipments in the quarter. Samsung accounted for five of the top ten best-selling smartphones. Among the top five brands, Xiaomi was the fastest growing brand, followed by vivo. For Xiaomi, the MEA and CALA regions were the main growth drivers, while it also gained momentum in traditional markets such as China, India and Asia Pacific. For vivo, China remained the main growth driver along with India and South Asian countries. Huawei, Honor, Motorola and Transsion were other key brands that grew during the quarter. Huawei continued to maintain strong momentum in China, which was the main reason for its growth. In addition to its strong market share in China, it also gained growth in CALA and MEA. Transsion brands, TECNO, itel and Infinix performed strongly in Eastern Europe, India and MEA.