Emir BardakçıIn a boost for the smartphone industry, global shipments have continued to climb in 2024, with Xiaomi maintaining its position in the top three manufacturers in the world. The market displayed enormous resilience, growing 5.7% over the same period with shipments at 1.2178 billion units.
Q4 2024 Market Performance
The fourth quarter of 2024 saw a 2.6% annual growth in global smartphone shipments,
at 325.3 million units. It is the fifth consecutive quarter of marketplace restoration, despite expansion softening to single-digit in current months. Wholesale revenue during the quarter reached a level of US$120 billion, a 0.8% annual increase.
Market Leadership and Competition
The competitive marketplace in Q4 2024 showed a few important trends:
- Apple with a 23% market share dominated
- Samsung ranked at 16%
- Xiaomi sustained its strong position in the top three, alongside Transsion and vivo
- The remaining positions were with OPPO (OnePlus), Honor, Lenovo-Motorola, Huawei, and realme
Notably, Xiaomi demonstrated its marketplace prowess with positive annual growth, with a fall in shipments for some of its counterparts including Samsung and Transsion.
Regional Market Dynamics
Market performance varied significantly between regions:
- Strong expansion in Central and Latin America, Asia Pacific, and African and Middle Eastern regions
- Central and Eastern European regions have struggled with regards to ongoing geopolitical tensions
- North America and Western Europe experienced single-digit declines, predominantly a consequence of extended replacement cycles
Annual Market Overview
The full twelve months of 2024 saw positive trends for the smartphone industry:
- Total shipments: 1.2178 billion units (growth of 5.7% Yo)
- Wholesale sales: US$408 billion (growth of 2.6% YoY)
- Average Selling Price (ASP): $335 (3.0% YoY down)
This comprehensive performance in the market reflects a strong smartphone sector, with a key role for Xiaomi in driving worldwide expansion and innovation.
