OverviewSmartphone gray market refers to devices smuggled into a country for resale, avoiding import duties. Such devices often lack a valid manufacturer's warranty in the destination country. Latin America’s smartphone gray market declined 4% in 2025, the second successive year of decline.Chinese manufacturers dominate this space in LATAM. Xiaomi holds a massive 67% share, followed by realme at 23%. While these two OEMs are trying to check this smuggling into Brazil, a new wave of brands entered the space in 2025.Brazil has been the primary destination in the continent for such smuggled smart…