The latest quarterly update from the Counterpoint Market Monitor service sheds light on the global smartphone market. A 6% growth in shipments is attributed to strong performances in key regions like Europe, Latin America, Africa, and the Middle East.
Emerging markets sustained their momentum, particularly in Europe, with Central and Eastern Europe showing the most growth. Overall consumer demand is gradually increasing, and inventory levels are improving across markets.
Q1 2024 smartphone market numbers reveal emerging trends. Revenue from premium offerings is growing faster than shipments, driven by new form factors like foldables. Samsung surpassed Apple in leading smartphone shipments globally with a 20% share.
However, Apple’s shipments declined by 13% YoY due to high inventory buildup in Q4 2023. Among the top five, Xiaomi saw the fastest growth with a 34% increase in shipments YoY.
Brand performance varied across regions. Transsion (Tecno, Itel, and Infinix) performed well in Eastern Europe, India, APAC, and MEA, while OPPO experienced declines, indicating tough competition in some markets.
Xiaomi recorded growth in most key markets. The outlook for the next quarter is positive, with trends expected to continue beyond Q2 2024.
