Global Smartphone Shipments Grow by Over 6% in Q2 2024

According to Counterpoint Research figures, global smartphone shipments rose by over 6% year over year in the second quarter of 2024. This is the highest annual growth in the last few years.

Aggressive discounts during China’s 618 shopping festival successfully attracted consumers in the world’s largest mobile market, where Xiaomi Corp. and a revitalized Huawei Technologies Co. have been gaining traction this year. The latest research complements data from Chinese authorities, indicating a resurgence of iPhone sales since March.

The growth in smartphone sales over the last three quarters is good news for the industry. The sales were at the lowest point in a decade in 2023, but the market quickly rebounded thanks to improving consumer sentiments and inventory positions. Almost all markets exhibited signs of growth, and we remain optimistic about the upcoming quarters.

Research Director Tarun Pathak.

Samsung, Apple, and Xiaomi Performance

Samsung retained the top spot in the quarter that ended June 2024 with a 20% volume share and a 5% growth, helped by sustained sales of its AI-focused Galaxy S24 series and an early refresh of its Galaxy A-series line-up. On the other hand, Apple was second with a 16% share, recording flat sales. Still, it experienced strong year-over-year growth in Europe and Latin America.

IDC reported that Apple shipped 45.2 million handsets in the quarter, a 1.5% increase compared to last year. In contrast, Counterpoint’s data, which focuses on end-user sales, showed a 1% decline, with both research firms noting a decrease in iPhone market share. Xiaomi experienced the most significant growth, driven primarily by entry-level handsets and emerging markets.

Challenges and Opportunities for Apple

The iPhone has faced challenges in China from local competitors and a government ban on foreign devices in state-run workplaces. Discounts and the promise of new artificial intelligence enhancements have helped stabilize sales for Apple and market leader Samsung Electronics Co., which is also promoting a new generation of phones with AI features.

“Apple’s momentum in Q2 improved significantly from the negative growth they saw in the first quarter,” said IDC research director Nabila Popal. “This is partly due to heavy discounts and promotions in many regions, but also thanks to renewed customer confidence after WWDC when Apple finally announced its AI strategy.”