Xiaomi ranks third in booming Latin American market

The Latin American smartphone market grew sharply in Q3 2024, according to the latest report from Canalys, as shipments increased by as much as 10% year-on-year, to 35.1 million units. This is the second-largest quarterly shipment volume ever seen in the region and underlines the region’s crucial position in the global smartphone market.

Top Performers in the Latin American Market

Performances of major smartphone brands in Q3 2024:

Samsung: With 11.3 million units shipped, Samsung grew by 16% year-on-year, maintaining its leadership and driving the region’s growth.
Motorola: Shipped 6 million units, flat from the same period a year ago, enough to retain the number two position.
Xiaomi: Shipped 5.8 million units, up a slight 1% year-on-year decline. Despite this, Xiaomi remained within the top three, underlining its strong presence in the market.
Transsion: Accounted for 3.1 million units, an increase of 3% on a yearly basis; inroads into the competitive landscape have been steady.
OPPO: Had staged a dramatic recovery with 1.9 million units shipped, up 62% year-on-year growth, back into the top five for the first time in six quarters.

Key Market Trends

Latin America posted growth, buoyed by the huge reception of affordable devices in the sub-$200 price segment, accounting for 49% of the total shipments, which is the highest share since Q4 2021. This evidences the demand for affordable but powerful smartphones in the region-a segment where Xiaomi continues to play an important role.

Xiaomi: Delivering Value and Innovation

Although Xiaomi saw a slight decline in YoY shipments, the brand remains one of the most prominent players in the region, third in overall shipments. To date, Xiaomi has kept itself competitive in a fast-revolving market by focusing on delivering innovative and value-driven devices.

OPPO’s Resurgence

The most remarkable thing for Q3 2024 ought to be OPPO’s name returning to the top five. Its shipments in Latin America reached an all-time high, with rapid growth in Mexico and Colombia. All these indicate that the Latin American smartphone market is thoroughly dynamic, full of competition.

While the Latin American market is still posting robust growth, Xiaomi remains committed to adequate supply relevant to the region with its line of feature-rich but affordable devices. As competition intensifies, so does Xiaomi’s commitment to innovation, affordability, and customer satisfaction-a harbinger of an even stronger position in this vital market. Stay tuned for more updates on Xiaomi’s exciting journey of changing the dimensions in the Latin American smartphone landscape.