Global Smartphone Market Continued Growth in 3Q24

Global smartphone sell-through volumes grew 2% in the third quarter of 2024, according to Counterpoint Research. This is the first YoY growth in a third quarter since 3Q18.

This was the fourth consecutive quarter of growth, a testament to the ongoing market recovery. However, growth has slowed compared to previous quarters. The market has remained stable in 2024, rebounding from the lowest sales in a decade as consumer sentiment and macroeconomic factors continue to fare better than last year. Most markets recovered in Q3 led by Western Europe, Latin America (LATAM), and Japan, all recording double-digit YoY percentage growth.

“All smartphone OEMs have benefitted from the recovering market in 2024, and the top 10 brands have all consolidated share. Samsung and Apple retained the top two spots, followed by Xiaomi, OPPO, and vivo. Samsung led the market with a 19% share. Apple’s sales grew 1%, and it established itself as the biggest brand globally in September,” commented Tarun Pathak, Research Director at Counterpoint Research.

“Xiaomi continued its strong growth momentum and rose for the fourth consecutive quarter. Xiaomi also briefly took the #2 spot in August. OPPO came in fourth and recorded its highest-ever sales since 3Q23. vivo outperformed its peers, growing fastest YoY among the top five in Q3. We’re also seeing fast growth from brands outside of the top five. Huawei and Motorola have set the pace by growing almost 30% YoY. Motorola and Google also recorded their highest-ever smartphone volumes in a quarter in Q3,” added Pathak.

Growth in Smartphone sales volumes is slowing due to lengthening holding periods and a maturing consumer base. Nevertheless, consumers are spending more than ever on new smartphones, leading to value growth in the industry. One in four consumers buying a smartphone in 2024 will spend more than $600, and this is the segment where new technologies like GenAI will make a difference.