Global Smartphone Shipments Jump by 20 Million Units Year-over-Year in Q1 2024

The first quarter of 2024 witnessed a remarkable surge in global smartphone shipments, defying expectations and underscoring the enduring relevance of these pocket-sized marvels. According to Stocklytics.com, the global smartphone shipment jumped 20 million units YoY to reach 289.4 million units in Q1 2024. The remarkable growth is due to strong performances in EMEA, the Caribbean, and Latin America.

Edith Reads, a financial analyst with Stocklytics, commented:

This remarkable uptick in smartphone shipments not only underscores the industry’s resilience but also signals a renewed vigour in consumer demand for these indispensable devices. Consumer preferences and distributor innovations will drive the market to new heights. Besides, emerging markets will provide avenues for vendors to explore.

Stocklytics financial analyst, Edith Reads

Samsung Leading the Way

Samsung regained the top spot in the global market by dethroning Apple despite losing 0.7% YoY. In the first quarter of 2024, Samsung shipped just over 60 million units, slightly fewer than the 60.5 million units it shipped in the same period in 2023. The company’s supply was supported by its strengthened A-series lineup alongside its premium models.

Apple also lost 9.6% YoY, sliding to second place after shipping 50.1 million units, compared to 2023 Q1, when it shipped 55.4 million units. Xiaomi held position three with a distribution of 40.8 million units, accounting for 14.1% of the market share. Xiaomi’s market share grew by 23.7% in the same period, 2023. 

Transsion and OPPO completed the top five, shipping 28.5 million and 25.2 million units, respectively, accounting for 9.9% and  8.7% of the market share. Other brands shared 29.3% of the global market share, distributing 84.7 million units globally.

Taste and Preferences Drive Global Smartphone Surge

Several factors triggered the global smartphone shipment growth in Q1 2024. Among them is the penetration of 5G technology in the markets. Most consumers are out to acquire phones that accept the 5G network for faster connectivity and capabilities. Besides, consumer preference for larger screens, advanced camera quality, and better features have driven the demand, increasing sales in different markets.

The digital transformation, driven by the COVID-19 pandemic and its aftermath, cannot be ignored. The transformation saw consumers using smartphones that allow remote work, online learning, and digital connectivity. With people continuously relying on smartphones for professional and personal use, the demand for smartphones may keep growing.