• China’s smartphone sales increased 2.3% YoY in Q3 2024, on track to realize their first annual growth in five years.
• vivo captured the first spot again with a 19.2% market share, followed by Huawei (16.4%) and Xiaomi (15.6%).
• OEMs launched more budget-friendly models and offered price cuts on older models before new premium launches in Q4.
• About 70% of the new iPhone series’ sales came from the Pro and Pro Max models, indicating more revenue growth opportunities for Apple.

Beijing, Buenos Aires, Hong Kong, London, New Delhi, San Diego, Seoul, Taipei, Tokyo – October 28, 2024

China’s smartphone sales increased by 2.3% YoY Q3 2024, marking four consecutive quarters of growth, according to preliminary numbers from Counterpoint Research’s Market Pulse Service. This also reinforces forecasts of a low-single-digit increase for 2024 to make it the first annual growth in five years, boosting industry confidence.

In Q3, vivo took the top spot with a 19.2% market share. Its diverse portfolio, with competitive models across nearly all price segments, helped vivo retain its leadership position. Huawei followed closely in second place with a 16.4% market share, while Xiaomi secured third place with a 15.6% share.

Huawei’s strong rebound continued in Q3, helping the brand post a 30% YoY increase from a low base. The Pura 70 and Mate 60 series drove most of Huawei’s sales, reflecting its strong presence in China’s premium segment.

Xiaomi’s rise to third place was driven by the success of its mid-to-high-end Redmi K series and flagship Mi series. Xiaomi added the K70 Ultra to its K70 series in Q3. The model is another testament to its strategy of high specifications at affordable prices.

Notes: vivo includes iQOO; OPPO includes OnePlus; Xiaomi includes Redmi
Source: Counterpoint Market Pulse Service

Brands launched more budget-friendly models in Q3 to gain market share. Notable releases included new versions of OPPO’s A3 and vivo’s Y200 GT, and the new vivo Y300 Pro. OEMs also offered price cuts on older models in preparation for their new product launches in Q4. Huawei reduced prices on its Pura 70 and Mate 60 series to prepare for the launch of Mate 70 series. HONOR plans to launch the X60 in October, aiming to replicate the success of its X50, which has dominated the budget segment for months.

In the foldable segment, HONOR expanded its offerings with the launch of the Magic V3 and Magic Vs3, complementing its clamshell Magic V Flip. Xiaomi also introduced the Mix Flip and Mix Fold 4. Huawei grabbed headlines with the world’s first trifold smartphone, the Mate XT, priced around $2,808 (RMB 19,999) at the entry level. This innovation has again put the foldable segment under the spotlight.

Apple’s new iPhone 16 series launched on September 20. As of October 8, more than 70% of the iPhone 16 series’ sales came from the Pro and Pro Max models, highlighting customer preference for more impressive display, gaming and imaging experiences. This trend could result in more revenue growth for Apple.

As we move into Q4, Chinese OEMs are entering a period of flagship model releases. All major brands will update their flagship products with the latest chipsets while introducing refreshed mid-end models for the mass market. As a result, the competition in Q4 is expected to be even more intense.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research

press(at)counterpointresearch.com