Counterpoint: Global smartphone shipments to grow 6% year-on-year in Q1 2024

Counterpoint's latest research shows that global smartphone shipments grew 6% year-on-year in the first quarter of 2024. This growth was mainly due to strong performance in key regions such as Europe, the Middle East and Africa (MEA) and the Caribbean and Latin America (CALA).

Global smartphone revenue grew 7% year-over-year in Q1 2024. The $800+ smartphone segment grew the fastest, achieving double-digit growth and accounting for 18% of smartphone shipments in Q1 2024, up 2 percentage points from Q1 2023. Apple led the smartphone market with 43% market share, but its revenue fell 11% year-over-year. Samsung's revenue grew 2% year-over-year, driven by rising average selling prices, while shipments were flat. Among the top five OEMs, Xiaomi had the fastest revenue growth. Revenues in markets outside the top five OEMs also grew significantly, driven by increased revenues from Huawei, Honor, and Transsion brands.

Samsung regained the top spot in global smartphone shipments this quarter, driven by the early update of the Galaxy-A series and the strong performance of the Galaxy S24 series. Samsung also achieved an all-time high average selling price this quarter. Among the largest smartphone brands in China, Xiaomi and vivo achieved growth. While Xiaomi achieved growth in almost all major markets, vivo performed strongly in emerging markets in Asia Pacific, including India. Huawei, Honor and Transsion also achieved growth in this quarter. Huawei achieved huge gains in China, winning market share from leading brands. In addition to its strong market share in China, it also gained reputation in CALA and MEA. Transsion brands TECNO, itel and Infinix performed strongly in Asia Pacific, Eastern Europe, India and MENA. OPPO's shipments declined due to fierce competition in key markets such as China.