The smartphone market kicked off 2024 with a bang, seeing a solid 6% increase in sales compared to last year. Counterpoint Research’s latest report reveals that this growth was driven by strong demand in places like Europe, Latin America, Africa, and the Middle East. Samsung came out on top, beating Apple in smartphone shipments. In this article, we shall talk more on how Samsung leads the Global Smartphone market.
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Samsung leads the Global Smartphone market:
In the first quarter of 2024, the smartphone market showed promising signs of growth, with shipments increasing by 6% compared to the previous year. This growth was fueled by strong demand across various regions, including Europe, Latin America, Africa, and the Middle East. Notably, Samsung emerged as the leader in smartphone shipments, surpassing Apple to claim the top spot. This achievement reflects Samsung’s strong performance in key markets and highlights the company’s ability to meet consumer demand effectively.
Looking deeper into the numbers, the report from Counterpoint Research also reveals some interesting trends shaping the smartphone market. One notable trend is the increasing revenue from premium smartphone offerings, which is growing at a faster rate than shipments. This trend is expected to continue as newer form factors like foldable phones gain popularity and offer enhanced capabilities.
While Samsung celebrated its success, Apple faced a slight setback, with its smartphone shipments declining by 13% compared to the previous year. This decline was attributed to high inventory levels from the previous quarter, indicating a temporary setback rather than a long-term trend. Despite this, Apple remains a dominant player in the smartphone market, with a strong presence in premium segments.
Among the top five smartphone brands, Chinese manufacturer Xiaomi stood out with the fastest growth in shipments, recording a remarkable 34% increase year on year. This growth is a testament to Xiaomi’s aggressive expansion strategy and its ability to resonate with consumers across different markets.
However, the performance of smartphone brands varied across regions, with some brands performing exceptionally well in certain markets while facing challenges in others. For example, the Transsion brand, which includes Tecno, Itel, and Infinix, saw strong growth in Eastern Europe, India, APAC, and MEA regions. On the other hand, OPPO faced declines in shipments, indicating intensified competition in its key markets.
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