Apple 2nd, Xiaomi 3rd in Q3 2024 Smartphone Sales – Who's On Top?
As we reach mid-October, the third quarter of this year has wrapped up, and market research reports are now rolling in. A recent analysis by Counterpoint Research has highlighted the sales dynamics of the global smartphone market for the third quarter of 2024.
According to the information in this report, global smartphone sales increased by 2% year-on-year in the third quarter of 2024, which was the first year-on-year growth in the third quarter since the third quarter of 2018. This is the fourth consecutive quarter of growth in the global smartphone market, indicating that the market is recovering.
While growth has slowed compared to previous quarters, the market remains stable in 2024 as consumer confidence and macroeconomic factors continue to be better than last year.
According to previous reports, the global smartphone market has begun to recover since the fourth quarter of 2023. Under this trend, the global smartphone market this year will continue to grow positively and rebound from the bottom.
In terms of specific market performance, Samsung leads the global smartphone market with a market share of 19%, which is close to its market share in the same period in recent years.
This was due to the continued demand for mid-range A series devices and the hot sales of the better-performing S24 series flagship models. However, the foldable screen series devices that Samsung had high hopes for performed mediocrely and did not bring the envisioned sales boom.
Apple ranked second with a market share of 16% and sales growth of 1%. Driven by the release of iPhone 16, it became the world's top-selling brand in September.
Xiaomi has maintained its top-three ranking position with a market share of 14%. Its sales increased by 8% year-on-year, and it has achieved year-on-year growth for the fourth consecutive quarter. It also briefly occupied the second position in August.
OPPO ranked fourth with a market share of 9% and achieved its best sales since the third quarter of 2023.
Vivo ranked among the top five, with a market share of 9% and a year-on-year growth of 10%. Its performance was better than its peers, with the fastest year-on-year growth in the third quarter.
In addition to the different developments of various mobile phone brands, the overall smartphone market has also seen new changes. Compared with the past, the current smartphone user replacement cycle is getting longer. Due to the longer holding period and the increasingly mature consumer base, the growth of smartphone sales is slowing down.
However, at the same time, driven by the development of new technologies such as AI, the price of smartphones is increasing, and more and more users are willing to spend more to buy mobile phones, which has led to the growth of the industry's value. According to the information in this report, one-quarter of consumers who purchase smartphones in 2024 will spend more than US$600.
A similar point was made in another report from Counterpoint Research:
Smartphone products equipped with generative AI will catalyze some additional growth this year, and as users become more familiar with generative AI devices, smartphone manufacturers will increasingly introduce generative AI features. The percentage of smartphones equipped with generative AI capabilities is projected to rise from under 20% in 2024 to over 50% by 2028.
Overall, the smartphone market is recovering after a trough, and high-end smartphone products will gain more user attention and continue to expand user coverage. This is also good news for various smartphone brands that continue to impact the high-end market.
