Global smartphone market grows 6% YoY in Q1 2024; Revenue reaches highest level in a first quarter – Counterpoint Research

Global smartphone shipments increased 6% YoY in the first quarter of 2024, according to the latest research from Counterpoint’s Market Monitor service. The growth is mostly attributed to the strong performance in key regions such as Europe, Middle East and Africa (MEA) and Caribbean and Latin America (CALA).

Global smartphone revenues grew by 7% YoY in Q1 2024 and reached the highest-ever in a first calendar quarter. The >$800 price segment was the fastest growing, registering double-digit growth and accounting for 18% of smartphone shipments in Q1 2024, up by 2pp compared to Q1 2023. Apple led the smartphone market revenues with a 43% share, although its revenues declined by 11% YoY. Samsung's revenues grew 2% YoY, propelled by its increasing ASP while shipments remained flat. Among the top five OEMs, Xiaomi's revenue growth was the fastest due to strong performance in its key markets. Revenues for the market beyond the top five OEMs also grew significantly, driven by increasing revenues from Huawei, HONOR and Transsion brands.

Samsung re-captured the top spot and led global smartphone shipments during the quarter, driven by the early refresh of the Galaxy-A-series and strong performance of the Galaxy S24 series. Samsung reached its highest-ever ASP during the quarter as well. Among the biggest smartphone brands from China, Xiaomi and vivo registered growth. While Xiaomi registered growth in almost all its key markets, vivo posted strong performance in emerging markets of Asia Pacific including India. Huawei, HONOR and Transsion were the other key brands that gained during the quarter. Huawei made huge gains in China and won share from the leading brands. HONOR gained in CALA and MEA, in addition to having a strong share in China. The Transsion brands, TECNO, itel and Infinix, performed strongly in APAC, Eastern Europe, India and the MEA.

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Counterpoint Research