According to preliminary data from Counterpoint Research’s Smartphone 360 Monthly Tracking Report, global smartphone sales in the second quarter of 2024 increased by 6% year-on-year, the highest year-on-year growth rate in three years. This is also the third consecutive quarter of growth in the market.
Q2 market share of each brand:
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Samsung mobile phones accounted for 20% of the market share, with sales increasing by 5% year-on-year;
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Apple’s smartphone market share was 16%, and its sales volume fell by 1% year-on-year.
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Xiaomi smartphones accounted for 14% of the market share, with sales increasing by 22% year-on-year;
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Vivo mobile phone market share is 8%, and sales volume increased by 9% year-on-year;
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OPPO mobile phones had an 8% market share and sales volume fell 16% year-on-year.
Counterpoint analysis shows that the cumulative share of the top five brands has decreased year-on-year, mainly due to pressure from Huawei, HONOR, Motorola and Transsion Group brands. On the other hand, the share of the top ten brands is close to 90%, indicating that the market is consolidating and the competition among the top ten brands is fierce.
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Ankit Malhotra, senior analyst at Counterpoint, said: “The global smartphone market has entered a new era – a slow and steady growth phase driven by the replacement cycle, and now a zero-sum game between mobile phone brands. We expect smartphone sales to grow slowly in the next few years.
However, due to premiumization in various regions, especially the rise of new form factors and new features such as foldable screens and GenAI, we expect smartphone revenue to grow faster than sales.”