The global smartphone market overview for the second quarter of 2024 reveals a consistent growth rate of 6-6.5%, compared to the same quarter in 2023. According to IDC, smartphone shipments reached 285.4 million units, marking a significant increase. Counterpoint Research corroborates this data, highlighting the highest growth rate in three years.
Nabila Popal, an IDC researcher, emphasized the intensified market competition, particularly among premium smartphone brands like Samsung and Apple. Chinese manufacturers such as Xiaomi, vivo, and OPPO dominate the mid-range market segment, intensifying competition in the mid-priced smartphone market.
Counterpoint’s researcher Tarun Pathak predicts a 4% overall growth in the smartphone market this year. Affordable smartphones are expected to focus on enhancing features such as high-resolution cameras and 5G compatibility to stay competitive.
In terms of market share by brand, Samsung leads with 19-20%, followed by Apple at around 16%. Xiaomi, vivo, and OPPO secure positions in the top 5 brands.
TLDR: The global smartphone market is experiencing significant growth, with premium brands facing intense competition and affordable brands focusing on advanced features to stay competitive. Samsung leads in market share, followed by Apple, Xiaomi, vivo, and OPPO.
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