• Global smartphone sell-through rose 2% YoY in Q3 2024, the first YoY growth in a Q3 since Q3 2018. Latin America, Western Europe and Japan showed highest growth.

• Samsung and Apple both saw flat sales in Q3 2024, Apple became the biggest brand in September helped by early launch of iPhone 16.

• Outside the top five, Motorola and Huawei set the pace, with volumes growing by almost 30%. Motorola and Google also recorded their highest-ever quarterly volumes.

• Despite the slowdown in recovery in Q3, the market remains on track to grow YoY for the full year 2024.

Seoul, Beijing, Buenos Aires, Hong Kong, London, New Delhi, San Diego, Taipei, Tokyo – October 15, 2024

Global smartphone sell-through volumes grew 2% YoY in Q3 2024, the first YoY growth in a third quarter since Q3 2018, according to preliminary numbers from Counterpoint Research’s Smartphone 360 Tracker.

This was the global smartphone market’s fourth consecutive quarter of growth, a testament to the ongoing market recovery. However, growth has slowed compared to previous quarters. The market has remained stable in 2024, rebounding from the lowest sales in a decade as consumer sentiment and macroeconomic factors continue to fare better than last year. Most markets recovered in Q3 led by Western Europe, Latin America (LATAM) and Japan, all recording double-digit YoY percentage growth.

Commenting on brand dynamics, Research Director Tarun Pathak commented, “All smartphone OEMs have benefitted from the recovering market in 2024, and the top 10 brands have all consolidated share. Samsung and Apple retained the top two spots in Q3 2024, followed by Xiaomi, OPPO and vivo. Samsung led the market with a 19% share, thanks to sustained A-series demand and better performance of the S24 series. However, Samsung’s foldables received a lukewarm reception. Apple’s sales grew 1% in Q3 2024, and it established itself as the biggest brand globally in September, helped by the iPhone 16 launch, despite iPhone 16 series sales remaining flat. Even as the iPhone 16 series saw flat sales initially, we expect the demand for iPhone 16 series to remain stable due to the large installed base of iPhone users.”

“Xiaomi continued its strong growth momentum and rose YoY for the fourth consecutive quarter. Xiaomi also briefly took the #2 spot in August. OPPO came in fourth and recorded its highest ever sales since Q3 2023. vivo outperformed its peers, growing fastest YoY among the top five in Q3. vivo has now been the #1 OEM in the world’s two biggest smartphone markets, China and India.”

“We’re also seeing fast growth from brands outside of the top five. Huawei and Motorola have set the pace by growing almost 30% YoY. Motorola and Google also recorded their highest-ever smartphone volumes in a quarter in Q3.”

Growth in Smartphone sales volumes is slowing due to lengthening holding periods and maturing consumer base. Nevertheless, consumers are spending more than ever on new smartphones, leading to value growth in the industry. One of four consumers buying a smart phone in 2024 will spend more than $600, this is the segment where new technologies like Gen AI will make a difference.

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.

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