Apple Dominates Global Smartphone Market: Q3 Revenue Hits Record High, Chinese Brands Still Have Room for Growth

Apple Dominates Global Smartphone Market: Q3 Revenue Hits Record High, Chinese Brands Still Have Room for GrowthCounterpoint, a renowned data research firm, recently released its Global Smartphone Tracking Survey for Q3 2024, revealing the latest trends in the global smartphone market. The report covers key metrics such as shipment volume, sales revenue, average selling price (ASP), and provides in-depth analysis of market share for different brands and price segments

Apple Dominates Global Smartphone Market: Q3 Revenue Hits Record High, Chinese Brands Still Have Room for Growth

Counterpoint, a renowned data research firm, recently released its Global Smartphone Tracking Survey for Q3 2024, revealing the latest trends in the global smartphone market. The report covers key metrics such as shipment volume, sales revenue, average selling price (ASP), and provides in-depth analysis of market share for different brands and price segments.

In terms of revenue, Apple takes the lead with a dominant 43% market share, achieving an all-time high, unmatched globally. Samsung follows closely with a 16% share, while Xiaomi and OPPO each hold 6%, with vivo securing the fifth position at 5%. Notably, Xiaomi's revenue growth outpaced its shipment growth, while OPPO experienced a year-on-year decline. Overall, Chinese smartphone brands still have significant room for improvement in revenue share, demonstrating a considerable gap compared to Apple.

Apple continues to lead in ASP, reaching $909, significantly exceeding the global average of $349. Samsungs ASP stands at $295, followed by OPPO and vivo at $246 and $215 respectively, with Xiaomi having the lowest ASP at $148. Except for Apple, all other brands fall below the global average ASP. This indicates a substantial gap between Chinese brands and Apple and Samsung in the high-end market, necessitating further product enhancement and brand influence.

In terms of shipment volume, Samsung takes the top spot with a 19% market share, followed closely by Apple at 16%. Xiaomi and OPPO secure third and fourth positions with a 14% and 9% market share respectively, with vivo at fifth with a 9% share. While Samsung leads in shipments, both its revenue and shipments have declined year-on-year. Meanwhile, Xiaomi achieved revenue growth that surpassed shipment growth, driven by the strong sales of its Xiaomi 14 series. OPPO experienced a decline in both shipments and revenue, whereas vivo emerged as the fastest-growing brand among the top five.

Looking at market share by price segment, devices priced below $100 account for 17%, remaining flat year-on-year. The $100-399 segment makes up 54%, declining by two percentage points year-on-year, but it still remains the dominant force in global smartphone shipments. Smartphones priced between $400-799 and above $800 hold 15% each, marking a one-percentage point increase year-on-year. This signifies the growing popularity of high-end models, which are squeezing the market share of mid-range devices.

Overall, Samsung takes the lead in shipments, but Apple dominates revenue with an overwhelming advantage. The gap between Chinese smartphone brands and Apple and Samsung remains significant, particularly in ASP, where Chinese brands have much room for improvement. In the future, Chinese brands must continue to enhance product capability and expand brand influence to capture a greater share in the global market.