International smartphone market to grow 6% year-on-year in Q2 2024

• International smartphone sales grew for the third consecutive quarter year-on-year in the second quarter of 2024, helping to recover from the weakest in a decade.
• Smartphone sales grew 6% year-on-year in Q2 2024, the highest year-on-year growth since Q2 2021. Almost all sectors saw year-on-year increases.
• The top 5 manufacturers remained the same as in previous quarters. Samsung retained the No. 1 spot, Apple had a slight year-on-year decline and Xiaomi had the fastest growth among the top five OEMs. Vivo secured the top position in the world’s two largest smartphone markets – China and the Republic of India. Oppo edged Vivo by a slight margin and surpassed the top 5.
• The cumulative percentage of the top 5 brands deteriorated significantly as they faced pressure from the upcoming 5, mainly Huawei, Honor, Motorola and Tecno. Motorola, which has been growing its presence, has hit its highest volume ratio so far in a decade.

Seoul, Beijing, Buenos Aires, Hong Kong, London, Uncharted Delhi, San Diego, Taipei, Tokyo – July 15, 2024

International smartphone sell-through According to preliminary data from Counterpoint Analysis, volumes in the second quarter of 2024 increased by 6% year-on-year, the highest year-on-year growth in the last 3 years. smartphone 360 ​​per month tracker, Additionally, it was the third consecutive quarter of market expansion, driven through improving consumer sentiment and macroeconomic factors.

Europe And latin united states (LATAM) markets grew the fastest in the second quarter of 2024, each recording high double-digit year-on-year growth numbers, as consumer sentiment and the buying process strengthened compared to 2023 levels. In China, the return of Huawei and the early start of the competition to buy 618 groceries ensured the continuation of the sluggish treatment. Emerging markets, particularly in LATAM and Asia, outperformed mature markets.

Commenting on the dynamics of the international smartphone market, Analysis Director Tarun Pathak Said, “The growth in smartphone sales in the last three quarters is good news for the industry. Sales in 2023 were at their lowest in a decade, but the market rebounded due to improving consumer sentiments and inventory positions. Almost all markets show signs of growth and we remain optimistic for the coming quarters. Brands responded quickly to growing consumer demand and refreshed their portfolios to further entice customers. We are seeing proliferation of features like CMF (Colour-Material-Finish), high-megapixel cameras and 5G in the lower price bands, which is expected to drive demand. We remain optimistic about the future quarters and expect the market to show 4% growth in 2024.

The top 5 manufacturers remained the same as in previous quarters. SAMSUNG It retained the top spot in Q2 2024, helped by strong sustained sales of the AI-focused Galaxy S24 series and an early refresh of the popular Galaxy A series, whose models emerged as bestsellers in the entry-level to mid-price band. Samsung also took the lead in sales of GenAI-enabled Android smartphones and is expected to further capitalize on this with its new generation of foldables.

of apple Global sales remained flat, but Europe and Latin America posted strong year-on-year growth, which offset lower growth rates in the United States and percentage losses in China after Huawei stood on one foot. Apple, on the other hand, saw a surge in sales in China during the 618 shopping festival, where it announced attractive discounts. In H2, demand for existing iPhones with Apple Prudence is expected to increase.

Xiaomi The top-five brand was the fastest growing with 22% growth in Q2. The popularity of the Redmi 13 and Observe 13 series as well as a reduced product portfolio and more powerful top rate push helped Xiaomi achieve ~2% YoY ratio in Q2. Vivo It also outperformed the market and took the top spot in the world’s two largest smartphone markets – China and Republic of India – in Q2. OPPO, coming behind Vivo, the peak reached above 5. Oppo is focusing on increasing profitability, which includes launching additional devices in the mid to high price band to align its strategy with premiumization. This selection could potentially create a demand situation in the market shares in a shorter time period, but manage higher profitability for the brand.

As such, the cumulative percentage of top 5 brands remained unhealthy year-on-year in the second quarter due to pressure from growing brands. huawei, Honor, Motorola And Transition Workforce Creator, On the other hand, the percentage of top 10 manufacturers reached almost ~90%, pointing to market consolidation and widespread consolidation of some of the top 10. huawei have made significant gains in China, Respect And techno were growing in additional areas. Motorola has made brief wins across all segments to move up two ranks over the past few years and achieve its best quarterly global smartphone market share in a decade.

Commenting on the current trends in the international smartphone market, Senior Analyst Ankit Malhotra “The global smartphone market has entered a new era – slow and steady volume growth driven primarily by replacement cycles and now a zero-sum game among OEMs,” it said. We expect smartphone volumes to grow slowly in the coming years, however, we expect revenues to grow faster than sales due to premiumization in various segments, especially new form factors and capabilities such as foldables and GenAI. With the increase of.

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Counterpoint Generation Marketplace Analysis is a world analysis company that focuses on merchandise within the TMT (Generation, Media and Telecom) business. It provides services and products to major generation and financial corporations with a mix of per month experiences, custom designed initiatives and graphic analysis of the cellular and generation markets. Its key analysts are experienced experts in high-tech business.

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