Global Smartphone Sales Showed 6% Year-on-Year Growth in Q2 2024

TapTechNews July 15th news, according to the preliminary data of Counterpoint Research's Smartphone 360 Monthly Tracker report, the global smartphone sales in the second quarter of 2024 increased by 6% year-on-year, setting the highest year-on-year growth rate in three years. This is also the market's third consecutive quarter of growth.

TapTechNews attached the Q2 share of each brand:

Samsung phone with a 20% share and sales increased by 5% year-on-year;

Apple phone with a 16% share and sales decreased by 1% year-on-year;

Xiaomi phone with a 14% share and sales increased by 22% year-on-year;

Vivo phone with an 8% share and sales increased by 9% year-on-year;

OPPO phone with an 8% share and sales decreased by 16% year-on-year.

Counterpoint analysis said that the cumulative share of the top five brands decreased year-on-year, mainly due to the pressure from brands such as Huawei, HONOR, Motorola and Transsion Group. On the other hand, the share of the top ten brands is close to 90%, indicating that the market is consolidating and the competition among the top ten brands is fierce.

Counterpoint senior analyst Ankit Malhotra said: The global smartphone market has entered a new era - a slow and stable growth stage driven by the replacement cycle. Now it is a zero-sum game among mobile phone brand manufacturers. We expect the sales of smartphones to grow slowly in the next few years, however, due to premiumization in various regions, especially the rise of new forms and new functions such as foldable screens and GenAI, we expect the revenue of smartphones to increase faster than the growth of sales.

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