Smartphone Market Recovery Slows: Samsung Leads, Apple Set to Top, Huaweis Return Reshapes the Landscape

Smartphone Market Recovery Slows: Samsung Leads, Apple Set to Top, Huaweis Return Reshapes the LandscapeAccording to the latest research report from TechInsights' mobile team, global smartphone shipments grew 3.8% year-over-year in Q3 2024, reaching 307

Smartphone Market Recovery Slows: Samsung Leads, Apple Set to Top, Huaweis Return Reshapes the Landscape

According to the latest research report from TechInsights' mobile team, global smartphone shipments grew 3.8% year-over-year in Q3 2024, reaching 307.7 million units. This marks the fourth consecutive quarter of recovery. However, the growth rate has slowed to the low single digits compared to the previous three quarters. Despite this, smartphone wholesale revenue remains on the rise, reaching $98.2 billion, up 3.5% year-over-year.

Emerging Markets Drive Recovery, but Regional Differences Remain

The smartphone market recovery is primarily driven by surging demand in emerging markets, with the Middle East and Africa, Latin America, and Asia Pacific regions being the key drivers. However, Central and Eastern Europe shows a decline, while North America experienced a high single-digit decline, and Western Europe achieved modest year-over-year gains.

Samsung Leads, Apple Follows Closely, Vendor Rankings Shift

In Q3 2024, Samsung topped the global smartphone market with a near 19% market share, followed by Apple with 17%. Xiaomi, OPPO (including OnePlus), and vivo occupy the remaining top five spots. They are followed by Transsion, Lenovo-Motorola, Honor, realme, and Huawei.

Among the top ten vendors, Honor, Transsion, Samsung, and OPPO (including OnePlus) witnessed shipment declines, while the remaining six vendors achieved year-over-year growth. Lenovo-Motorola led with a 26% year-over-year increase, followed by vivo (25%), Huawei (15%), and Apple (12%).

Chinese Brands Collectively Grow but Slow Down

Combined shipment growth for the top ten Chinese brands reached 6% year-over-year, surpassing the overall market's annual growth rate of 4%. However, the growth rate of Chinese brands has significantly slowed down compared to previous quarters.

Future Outlook: Apple Set to Top, Huaweis Return Reshapes the Market

TechInsights forecasts global smartphone shipments to grow 5% year-over-year in 2024. In 2025, the growth rate is expected to decline to 2%. Apple and Samsung are projected to maintain their top two positions in 2025. The upcoming iPhone SE (2025) is expected to help Apple climb to the top spot next year.

Huaweis return to the 5G market will continue to reshape the Chinese and global smartphone market in 2025 and beyond. However, the recovery path may be bumpy and uneven in each quarter.

Conclusion

The global smartphone market continued its recovery in Q3 2024, but the growth rate has slowed down. Emerging market demand drove the recovery, but regional performances varied significantly. Samsung and Apple continue to lead the market, but Apple is poised to take the top spot next year. Chinese brands collectively grew, but their growth rate slowed down. Huaweis return will reshape the market landscape in the coming years.