The report states that the global smartphone market grew by 6% year-on-year in Q2

On July 15, DoNews reported that according to the latest report released by the analysis agency Counterpoint Research, the global smartphone market is expected to grow by 6% year-on-year in the second quarter of 2024, the highest year-on-year growth rate in three years.

In the second quarter of 2024, global smartphone sales continued to grow year-on-year for the third consecutive quarter, continuing to recover from the lowest year in the past decade.

Smartphone sales in the second quarter of 2024 increased by 6% year-on-year, the highest year-on-year growth rate since the second quarter of 2021. Almost all regions experienced year-on-year growth.

The top five brands remained consistent with the previous few quarters. Samsung maintained its top position, Apple saw a slight year-on-year decline, and Xiaomi experienced the fastest growth among the top five original equipment manufacturers. vivo ranked first in the two largest global smartphone markets, China and India. OPPO followed closely behind in the top five.

The cumulative market share of the top five brands slightly decreased as they faced pressure from the closely following bottom five brands, mainly Huawei, HONOR, Motorola, and TECNO. Motorola, which has been continuously expanding its brand influence, achieved its highest market share in a decade.

According to preliminary data from Counterpoint Research's Smartphone 360 Monthly Tracker report, global smartphone sales in the second quarter of 2024 increased by 6% year-on-year, marking the highest year-on-year growth rate in three years. This also marks the market's third consecutive quarter of growth.

In the second quarter of 2024, the European and Latin American (LATAM) markets saw the fastest growth rates, both recording double-digit year-on-year growth, as consumer confidence and purchasing activities continued to improve compared to 2023. In China, Huawei's return and the early start of the 618 shopping festival ensured the continued recovery of the market's momentum. Emerging markets, especially LATAM and Asia, outperformed mature markets.

Counterpoint Research expects the overall market to grow by 4% in 2024.

The top five brands remained consistent with the previous quarters. In the second quarter of 2024, Samsung maintained its leading position, benefiting from the strong and sustained sales of the GalaxyS24 series focusing on AI features and the early product updates of the popular GalaxyA series, making these phone models the best-selling products in the entry-level to mid-range price segments.

Samsung also led in sales in the category of Android smartphones supporting GenAI features, and this advantage is expected to further benefit its new generation of foldable smartphones.

Apple's global sales remained flat, but strong year-on-year growth in Europe and Latin America offset the impact of low upgrade rates in the United States and declining market share in China due to the rise of Huawei.

However, Apple offered attractive discounts during the 618 shopping festival, leading to improved sales in China. In the second half of the year, the new iPhone models equipped with Apple Intelligence are expected to drive upgrade demand.

Xiaomi was the fastest-growing among the top five brands in the second quarter, with a 22% year-on-year growth. The popularity of the Redmi 13 and Note 13 series, along with a more streamlined product portfolio and stronger high-end offerings, helped Xiaomi gain approximately 2% market share net growth in the second quarter.

vivo outperformed the market, ranking first in both China and India, the two largest smartphone markets globally.

OPPO also made it to the top five. In recent years, OPPO has focused on improving profitability by releasing more products in the mid-to-high-end price segments, aiming to standardize its high-end strategy. This choice may pose short-term challenges to its market share, but in the long run, it could lead to better profitability for the brand.

The cumulative market share of the top five brands declined year-on-year, mainly due to pressure from Huawei, HONOR, Motorola, and Transsion Group brands. On the other hand, the market share of the top ten brands is close to 90%, indicating market consolidation and fierce competition among the top ten brands.

While Huawei has made significant progress in China, HONOR and TECNO have been expanding to more regions. Motorola has rapidly risen in various regions, climbing two places in the rankings compared to last year and achieving the brand's highest quarterly market share in the global smartphone market in a decade