Emir BardakçıAccording to a new report from market research firm IDC, the worldwide smartphone market has continued to show multiple points of strength, shipping 316.1 million units in Q3 2024 on its way to a 4.0% year-on-year increase. In fact, this growth is representative of five quarters of growth driven by strong performances from Chinese manufacturers such as Xiaomi, vivo, OPPO, Lenovo, and Huawei.
Key Highlights from IDC’s Q3 2024 Report
According to Nabila Popal, IDC’s Director of Global Client Devices Research, Chinese smartphone brands have performed particularly well in emerging markets-a trend consistent throughout the year. Also, Xiaomi grew while other vendors outperformed despite the challenges brought about by the global economic situation, benefiting from the favorable exchange rate within regions like Southeast Asia.
Globally, vivo had an exceptionally good performance with a 22.8% year-on-year increase, driven by aggressive product launches and coming off a low base period.
Market Performance of Leading Brands
Samsung led the worldwide smartphone shipment with 57.81 million units, though this also declined 2.8% from Q3 2023. The slight dip notwithstanding, Samsung still retains the pole position in the premium segment, backed by its highly applauded AI-powered Galaxy series and the latest launches of Galaxy Z Fold6 and Galaxy Z Flip6.
While Apple recorded shipments of 3.5% year-on-year by reaching 56 million units, buoyed by unveiling the iPhone 16 series while sustaining robust demand for its older variants, including the iPhone 15, especially in markets where heavy promotions prevailed to augment sales. Xiaomi took third position with 42.8 million units, translating into a market share of 13.5%. This reflects a 3.3% growth in shipments from the same quarter in 2023 and showcases the consistency which the brand builds around the world. The top five was rounded off by OPPO and vivo with a number of shipments amounting to 28.8 million and 27 million units, respectively. OPPO’s shipment represented a 5.9% increase, while vivo’s growth surged by as much as 22.8%, marking one of the quarter’s most outstanding performances.
Summary of 2024 Q3 Smartphone Shipments
| Company | 2024 Q3 Shipments | Market Share | 2023 Q3 Shipments | Market Share | Year-on-Year Change |
|---|---|---|---|---|---|
| Samsung | 57.81 million | 18.3% | 59.5 million | 19.6% | -2.8% |
| Apple | 56 million | 17.7% | 54.1 million | 17.8% | 3.5% |
| Xiaomi | 42.8 million | 13.5% | 41.5 million | 13.6% | 3.3% |
| OPPO | 28.8 million | 9.1% | 27.2 million | 8.9% | 5.9% |
| vivo | 27 million | 8.5% | 22 million | 7.2% | 22.8% |
| Others | 103.7 million | 32.8% | 99.6 million | 32.8% | 4.1% |
Xiaomi’s rise, with 42.8 million shipments and attaining a market share of 13.5%, underlines the company’s continuous influence in the global smartphone market. Strong performance in emerging markets and a focus on delivering competitive products at various price points contributed to Xiaomi’s sustained growth.
Looking ahead, Xiaomi’s coming innovations, including the highly expected Xiaomi 15 Ultra with its state-of-the-art camera capabilities and AI-infused software enhancements in HyperOS, are set to further secure its footing within the premium tier, as it sustains its dominance within value markets.
With the rebound of the smartphone market, ignited by Chinese makers and fueled by worldwide demand for the latest technology, Xiaomi is right in the middle of that growth. With a good market strategy, innovative products, and a path to new markets, Xiaomi should be set to continue the positive trend during the quarters.
Source: IDC
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