Buenos Aires, San Diego, Denver, New Delhi, Hong Kong, Seoul, London, Beijing – August 24, 2023
Smartphone shipments in Latin America (LATAM) dropped 15.6% YoY but climbed 2.4% QoQ in Q2 2023, according to the latest data from Counterpoint Research’s Market Monitor service. The decline was due to the negative impacts of the regional economic crises and weak global smartphone shipments.
Commenting on the market dynamics, Principal Analyst Tina Lu said, “LATAM’s economic growth in 2023 is actually slightly higher than forecast. However, this recovery has not yet inspired an increase in the rate of smartphone replacement. Low consumer demand continued to affect the region during the quarter. Although most countries in the region are seeing declining inflation, consumer confidence is yet to bounce back, as political turmoil continues to constrain the general economy.”
Research Analyst Andres Silva added, “Seasonal factors such as Mother’s Day and Father’s Day promotions helped the market grow slightly QoQ in Q2 2023, although the market declined YoY. The entry of many Chinese brands at once is stirring up the market as they aim for growth, pushing other brands to become more aggressive. However, the YoY decline affected all the top six countries in the region.”
Top Smartphone OEMs’ Market Share in Latin America, Q2 2022 vs Q2 2023
Source: Counterpoint Research Q2 2023 Market Monitor
Note: Figures may not add up to 100% due to rounding
Commenting on the ASP performance in the region, Lu added: “There is a slight premiumization trend going on in the region. Compared to last year, LATAM’s total smartphone ASP only grew around 4%. This has been a consistent trend. Inflation has some influence on it. However, established brands such as Samsung are pushing to increase the ASP in the region with 5G models.”
Market Summary
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) 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.
Analyst Contacts
Tina Lu
Andres Silva
Peter Richardson
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