The global smartphone market showed signs of recovery in 2024, with a 4% year-over-year (YoY) increase in shipments, marking the first growth after two consecutive years of decline. Samsung retained its position as the global leader, while Apple and Xiaomi secured the second and third spots, respectively.
Key Highlights
- Global smartphone shipments grew 4% YoY in 2024.
- Samsung led the market with a 19% market share, driven by strong demand for its Galaxy S24 series.
- Apple and Xiaomi followed with 18% and 14% market shares, respectively.
- Growth attributed to softened macroeconomic pressures and better consumer sentiment.
Samsung Galaxy S24 Series Drives Strong Performance
Samsung’s Galaxy S24 series, positioned as its first AI-driven smartphones, contributed significantly to its market share of 19%. The series outperformed its predecessors, finding particular success in Western Europe and the USA. Additionally, Samsung’s A-series also contributed to strong sales globally.
Apple and Xiaomi Maintain Strong Positions
- Apple: Ranked second with 18% market share, the iPhone 16 series saw mixed reviews due to limited availability of Apple Intelligence at launch. However, demand for Pro and Pro Max models surged in China and non-core markets such as Latin America, Africa, and the Asia-Pacific region.
- Xiaomi: Achieved a 14% market share, emerging as the fastest-growing brand among the top five, with significant gains in Europe and Latin America.
Growth Trends and Market Outlook
- The market’s recovery began in Q4 2023 and has seen five consecutive quarters of growth, led by regions like Europe, China, and Latin America.
- Although the top five brands (Samsung, Apple, Xiaomi, Vivo, and Oppo) remained the same as in 2023, they lost market share to Huawei, Honor, and Motorola, with the latter becoming the fastest-growing OEM in the top 10.
- Generative AI integration in premium smartphones was a highlight of 2024, with 90% of smartphones priced above $250 expected to feature GenAI capabilities by 2028.
Future Expectations
While smartphone volumes may not return to pre-COVID levels, revenue growth is expected to outpace volume growth in 2025, with revenues growing 8% YoY compared to 4% volume growth.
