Global Smartphone Market Q2 2024: Budget Segment Booms, Redmi & Samsung A Series Lead the Charge

Global Smartphone Market Q2 2024: Budget Segment Booms, Redmi & Samsung A Series Lead the ChargeAs we move into September 2024, the second quarter of the year is now a distant memory, and market research reports are pouring in. We've already seen the overall performance of the global smartphone market in Q2 2024

Global Smartphone Market Q2 2024: Budget Segment Booms, Redmi & Samsung A Series Lead the Charge

As we move into September 2024, the second quarter of the year is now a distant memory, and market research reports are pouring in. We've already seen the overall performance of the global smartphone market in Q2 2024. Now, reports on the most popular smartphone models across the globe during the quarter are emerging.

According to recent data released by Counterpoint Research, the global budget smartphone market (with a wholesale price under $150, approximately 1062) experienced a strong rebound in Q2 2024, growing 10% year-over-year, with sales exceeding 100 million units. This growth propelled budget smartphones to account for 37% of global smartphone sales in the quarter. This resurgence is largely driven by emerging markets, which accounted for three-quarters of total sales in this segment. Another factor fueling this growth is smartphone manufacturers integrating premium smartphone features into budget-friendly devices at a faster pace, reflecting the overall maturity of the smartphone industry.

So, which models topped the charts in this segment?

Xiaomi Redmi 13C 4G emerged as the undisputed king of the global budget smartphone market, capturing a 4.1% market share. Following closely behind is Samsung Galaxy A05, claiming the second spot with a 4% market share. Samsung's Galaxy A15 4G takes the third position, capturing 3.3% of the market.

Furthermore, Xiaomi's Redmi 13C 5G and Redmi A3 follow closely, both securing a 2.4% market share. Samsung Galaxy A05s holds the sixth position with a 2.3% share, while TECNO Spark Go 2024 4G comes in seventh, accounting for 1.7% of the market. OPPO A18 with a 1.5% share, OPPO A58 4G with a 1.4% share, and OPPO A38 with a 1.4% share, rank from eighth to tenth place, respectively.

Looking at the top-selling models, Xiaomi's Redmi brand and Samsung's A series products dominate the landscape, with OPPO also performing well overall. These three brands hold a dominant position in the budget segment, each claiming three spots among the top ten best-selling models.

It's noteworthy that the top ten best-selling budget smartphones in Q2 2024 accounted for a quarter of the segment's total sales, up from 21% in the same period last year. At the same time, the number of active budget smartphone models decreased to over 1500, almost half of what it was in Q2 2018. This trend highlights the consolidation of the budget segment, with manufacturers focusing on streamlining their product portfolios and consumers gravitating towards established brands.

Beyond the budget segment, the top-selling models across the entire smartphone market are also attracting significant attention.

Referring to the same research firm's recent report, in the global smartphone market, Apple iPhone 15 takes the crown as the best-selling model, with a 4.1% market share. iPhone 15 Pro Max holds the second position with a 3.7% market share, followed by iPhone 15 Pro in third place, capturing 3.1% of the market.

Samsung Galaxy A15 5G ranks fourth, with a 2% market share, while Samsung Galaxy A15 4G occupies the fifth spot with a 1.8% share. iPhone 14 lands in sixth place with a 1.6% share, while Samsung Galaxy A55 claims seventh with a 1.5% share. Redmi 13C 4G holds the eighth position with a 1.5% share, followed by Samsung Galaxy S24 Ultra in ninth place and Samsung Galaxy A05 in tenth place, both with a 1.4% market share.

Based on the overall list, the top ten best-selling models in Q2 2024 included five high-end phones, indicating a recovery in the global smartphone market and a push towards premiumization by various brands.

Overall, the smartphone market remains in constant flux, and how things play out in the future is something to anticipate.