Global Smartphone Market Q3 2024 Report: Apple Leads Revenue, Samsung Dominates Sales, China Market Rebounds

Global Smartphone Market Q3 2024 Report: Apple Leads Revenue, Samsung Dominates Sales, China Market ReboundsThe global smartphone market demonstrated positive growth in the third quarter of 2024. A newly released Counterpoint report shows global smartphone shipments reached 307 million units, a 2% year-on-year increase

Global Smartphone Market Q3 2024 Report: Apple Leads Revenue, Samsung Dominates Sales, China Market Rebounds

The global smartphone market demonstrated positive growth in the third quarter of 2024. A newly released Counterpoint report shows global smartphone shipments reached 307 million units, a 2% year-on-year increase. More remarkably, global smartphone revenue grew by 10% year-on-year, with average selling prices rising by 7%, both reaching record highs. This indicates strong demand in the high-end smartphone market, with consumers increasingly willing to pay for premium flagship models.

In terms of brand competition, Samsung maintained its leading position in global smartphone sales with a 19% market share. The strong performance of the Samsung Galaxy S24 series is noteworthy, ranking among the top ten globally for three consecutive quarters the first time since 2018 signaling a resurgence of Samsung's competitiveness in the high-end market. Apple, however, dominated revenue, achieving record-high shipments, revenue, and average selling prices for a third quarter. The strong performance of the iPhone 15 series was key to Apple's success, with the iPhone 15 topping the global best-selling smartphone list, followed by the iPhone 15 Pro Max and iPhone 15 Pro. Notably, the iPhone Pro series accounted for nearly half of total iPhone sales in Q3, highlighting the significant contribution of high-end models to Apple's revenue and demonstrating Apple's success in translating high-end market share into revenue growth, further solidifying its leadership in the premium segment.

Xiaomi ranked third globally, with revenue growth exceeding shipment growth, indicating success in increasing its average product price. OPPO held the fourth position, while vivo achieved the fastest year-on-year growth among the top five brands, showcasing its strong market competitiveness.

The report also notes that the top ten best-selling models accounted for 19% of global smartphone sales in Q3 2024, illustrating high market concentration and a pronounced head effect. The continued strong sales of high-end models were the primary driver of market growth.

After years of decline, the Chinese smartphone market showed signs of recovery. The report indicates that Q3 2024 saw a 2.3% year-on-year increase in smartphone sales in China, potentially marking the first annual growth in five years. This is undoubtedly positive news for Chinese smartphone manufacturers. In the fiercely competitive Chinese market, vivo regained its top spot with a 19.2% market share, followed by Huawei with 16.4% and Xiaomi with 15.6%, the three brands dominating the market share, with competition remaining intense.

It's noteworthy that approximately 70% of new iPhone series sales came from Pro and Pro Max models, further confirming the crucial contribution of high-end models to Apple's revenue growth. By offering models at various price points, Apple successfully caters to different consumer segments and transforms high-end market share into higher revenue, resulting in significant overall revenue growth.

In conclusion, the global smartphone market showed growth in Q3 2024, with sustained strong demand for high-end models. Samsung maintained its sales lead, while Apple dominated revenue. The Chinese market also showed signs of recovery, though competition remains fierce. The future will see even more intense competition, requiring manufacturers to continually innovate and launch more competitive products to meet evolving consumer needs. The battle for high-end market share will be a key driver of future market development, and the recovery of the Chinese market injects new vitality into the global smartphone market. This quarter's performance suggests that, against the backdrop of a gradually recovering global economy, the smartphone market still possesses enormous potential and room for growth. Strategic adjustments and product iterations by manufacturers will directly influence the future market landscape.