Emir BardakçıMarket research firm Counterpoint Research does have some promising news on the global smartphone industry in their blog post dated October 15, 2024. According to a new research note, smartphone sales in 3Q 2024 were up 2% year-over-year-the first year-over-year positive Q3 growth since 2018. That is data indicating a turning point, showing that after a series of hard years, it is recovering bit by bit.
Recovery in the Smartphone Market Remains Steady
Interestingly, the report mentioned that this was the fourth consecutive quarter of growth in the world’s smartphone market, which indicated sustained recovery. Compared to the year-ago period and other previous quarters, the growth rate indeed decelerated, but Counterpoint Research is expecting a stable market environment for the remainder of 2024. Improved consumer sentiment adds to favorable macroeconomic factors, such as easing inflation and economic recovery, which are foreseen to support continued stability in the market.
Key Players’ Performance in the Smartphone Market: Breakdown
Counterpoint Research also called out the performance of leading smartphone brands in Q3 2024:
Samsung
Samsung led with a remarkable 19% market share. The strong demand for the Galaxy A series, in addition to the premium performance of the Galaxy S24 series, contributed to its success. It has helped Samsung maintain its leadership in this category by capturing both budget-f FIT and premium audiences.
Apple
At Apple, sales increased by a modest 1% thanks to the highly successful launching of the iPhone 16 series. Apple had strong sales in September, helping it vault ahead of competitors and become the top-selling smartphone brand globally for the month.
Xiaomi
Xiaomi, performed very well and represented a fourth consecutive quarter of growth. For a brief period in August, Xiaomi even leaped into the second position in overall global smartphone sales, reflecting its rising momentum across key markets. That reflects Xiaomi’s dedication to innovation, compelling price points, and its growing ecosystem of smart devices.
OPPO
OPPO took fourth place globally through the quarter and fronted the best performance since Q3 2023. Steady product innovation and aggressive marketing strategies have driven the brand to hold a strong position in this competitive market.
Vivo
Vivo remained the fastest-growing brand within the top five players. In Q3 2024, Vivo was declared the number one OEM in both China and India, the two largest smartphone markets, earning thereby the “double champion” title. Vivo’s success was well-credited to diversified products with a focus on high-quality devices across price bands.
Huawei, Motorola, and Google
Similarly, Huawei and Motorola were at almost 30% year-on-year sales increases. In fact, Motorola and Google saw their highest-ever quarterly sales in Q3 2024-a sign of how strong their recent releases have proven thus far, not to mention their brand appeal.
Consumers turn to premium smartphones, AI features boost sales.
Even with the modest growth in the smartphone market, consumer spending on new phones has reached an all-time high. According to recent research by Counterpoint Research, more than a quarter of all consumers globally are now gravitating toward high-end devices costing over $600. This premium smartphone trend is certainly sustained by state-of-the-art innovations, especially concerning AI, which has become the mainstay of flagship phone advertising and marketing.
Meanwhile, features such as advanced camera systems, personalized user experiences, and smarter ways to optimize performance lure consumers toward higher-priced models, even as overall smartphone sales remain stable.
Brands like Xiaomi stand to benefit as the world’s smartphone market continues along its line of recovery with emergent trends and rising demand for premium-tiered devices; the integration of new technologies like AI and the introduction of high-end features means that this market will most probably continue its growth through 2024 and into the future. At Xiaomi, this means continued innovations and focusing on churning out value-packed devices across price segments, a sure way to keep it in the top tier of global smartphone makers.
