The Smartphone Market Recovers, Samsung, Apple, and Xiaomi Lead the Way, Flagship Battle Heats Up

The Smartphone Market Recovers, Samsung, Apple, and Xiaomi Lead the Way, Flagship Battle Heats UpFollowing the release of global smartphone reports for the third quarter of 2024 by IDC and Canalys, Counterpoint Research, a renowned data research company, also published its own report on October 16th. The report reveals that the global smartphone market experienced a 2% year-over-year growth in the third quarter of 2024, marking the first time since 2018 that a third quarter has seen positive growth

The Smartphone Market Recovers, Samsung, Apple, and Xiaomi Lead the Way, Flagship Battle Heats Up

Following the release of global smartphone reports for the third quarter of 2024 by IDC and Canalys, Counterpoint Research, a renowned data research company, also published its own report on October 16th. The report reveals that the global smartphone market experienced a 2% year-over-year growth in the third quarter of 2024, marking the first time since 2018 that a third quarter has seen positive growth. This also signifies the fourth consecutive quarter of year-over-year growth for the global smartphone market. This suggests a gradual recovery in the global smartphone market, though the growth rate has slowed down compared to the previous quarters. Overall, the smartphone market remained stable in 2024, with the full-year smartphone shipment volume expected to continue its upward trajectory.

The report shows the top five market share holders in the global smartphone market for the third quarter of 2024:

1. Samsung: Market share of 19%, flat year-over-year.

2. Apple: Market share of 16%, up 1% year-over-year.

3. Xiaomi: Market share of 14%, up 5% year-over-year.

4. OPPO: Market share of 14%, down 3% year-over-year.

5. vivo: Market share of 9%, up 10% year-over-year.

Overall, OPPO is the only brand with a decline in the third quarter, while Samsung remains flat, and the other three brands see growth, with vivo experiencing the most significant increase at 10%. Notably, the gap between Xiaomi and Apple has narrowed to just two percentage points. As the leading domestic brand in China, Xiaomi continues to expand its global market share and surpassed Apple in August to become the world's second-largest smartphone brand.

The report conducts individual analysis of the top five brands, highlighting the key contributing factors:

• Samsung: The outstanding market performance of its Galaxy S24 series and Galaxy A series has solidified its position as the world's leading smartphone brand.

• Apple: The launch of the iPhone 16 series has gained global consumer favor, propelling Apple to become the world's top smartphone brand in September.

• Xiaomi: Consecutive quarters of year-over-year growth demonstrate its strong performance in the global market.

• OPPO: Despite a year-over-year decline, it still achieved its best performance since the third quarter of 2023.

• vivo: Outperforming the market average, it exhibits the largest growth and is now the champion in both the Chinese and Indian markets.

Additionally, both Huawei and Motorola recorded growth rates exceeding 30%, but their overall sales still haven't reached the levels of the top brands.

The report concludes by stating that although the global smartphone market growth rate has slowed down, consumer spending on phones has reached a historical high. This is primarily driven by consumers' preference for flagship phones priced over $600. Consequently, competition among flagship phones is intensifying, reflecting the growing demand for high-end smartphones.

This report highlights the recovery underway in the global smartphone market, but it comes with increasing competition. The future development of the market will depend on each brand's ability to seize opportunities, introduce more compelling products, and cater to the evolving needs of consumers.