Counterpoint Research Releases Q3 2024 China Smartphone Market Report: Huawei Shows Strong Growth, Xiaomi Returns to Top 3

Counterpoint Research Releases Q3 2024 China Smartphone Market Report: Huawei Shows Strong Growth, Xiaomi Returns to Top 3Counterpoint Research, a leading data research firm, released its Q3 2024 China smartphone market report on October 28th. This is the last of the three major data companies to release their reports

Counterpoint Research Releases Q3 2024 China Smartphone Market Report: Huawei Shows Strong Growth, Xiaomi Returns to Top 3

Counterpoint Research, a leading data research firm, released its Q3 2024 China smartphone market report on October 28th. This is the last of the three major data companies to release their reports. The report reveals that the Chinese smartphone market grew by 2.3% year-on-year in the third quarter, marking the fourth consecutive quarter of year-on-year growth. Counterpoint expects the domestic smartphone market to see its first annual year-on-year growth in five years.

While Counterpoint did not disclose specific shipment data, the report provided market share rankings and year-on-year growth rates for each brand. Here is the market share and year-on-year growth information for the main manufacturers:

• Champion: vivo, with a market share of 19.2%, a year-on-year increase of 10.1%.

• Runner-up: Huawei, with a market share of 16.4%, a year-on-year increase of 29.7%.

• Third Place: Xiaomi, with a market share of 15.6%, a year-on-year increase of 13.4%.

• Fourth: Honor, with a market share of 15.3%, a year-on-year decline of 14.6%.

• Fifth: OPPO, with a market share of 14.7%, a year-on-year decline of 5.8%.

• Sixth: Apple, with a market share of 13.5%, a year-on-year decline of 2.6%.

Overall, the top three brands - vivo, Huawei, and Xiaomi - all saw positive year-on-year growth rates, with Huawei exhibiting the most remarkable growth. In contrast, Honor, OPPO, and Apple experienced varying degrees of market share decline, with Honor experiencing the largest year-on-year drop.

Counterpoint analyzed the market performance of each brand:

• vivo maintained its leading position thanks to its diversified product portfolio and the launch of popular products across various price ranges.

• Huawei's strong performance of the Pura 70 series and Mate 60 series boosted overall sales, solidifying its leadership in the domestic high-end market.

• Xiaomi's Redmi K70 series' popularity, coupled with strong sales of the Xiaomi digital series, propelled its ranking to third place. This marks Xiaomi's highest single-quarter ranking in China in recent years. It also achieved year-on-year growth, exceeding even vivo's growth rate. Notably, Xiaomi has achieved year-on-year growth for five consecutive quarters since last year's fourth quarter.

• Honor experienced a decline in its market share primarily due to a 14.6% year-on-year drop.

• OPPO also saw a decline in its market share, dropping by 5.8% year-on-year.

• Apple fell out of the top five, with a year-on-year decrease of 2.6%.

Looking at the market share of each brand, vivo holds a commanding lead, forming a separate tier. Huawei closely follows, expected to enter the first tier in the fourth quarter. Xiaomi and Honor occupy the third tier, with a negligible gap between them. OPPO sits in the fourth tier, while Apple has dropped out of the top five.

In conclusion, the Chinese smartphone market exhibits a positive growth trend in the third quarter. Huawei, with its robust growth momentum, emerges as the most notable brand in the market. Xiaomi's strong comeback is also worth noting, as its return to the top three highlights its competitive strength in the domestic market. Meanwhile, Honor and OPPO experience market share declines, while Apple continues to face challenges from local Chinese brands.

As 5G technology continues to spread and smartphone functionality advances, the Chinese smartphone market is expected to maintain its growth trajectory. In the coming years, brands like Huawei, Xiaomi, and vivo are predicted to continue holding significant positions in market competition, constantly innovating with new products and technologies to provide consumers with superior mobile experiences.