• The Latin American smartphone market’s shipments grew 9.3% YoY in Q4 2024, marking its sixth consecutive quarter of expansion, fueled by increased competition and rising consumer confidence.
• 5G smartphones’ shipment share reached 38% as these handsets remained a low priority for the region’s consumers.
• Samsung’s shipments grew YoY despite stiff competition from Chinese brands in the low-price segment and from Apple in higher price bands.
• High inventories across various brands at the end of 2024 may moderately affect Q1 2025 shipments.

Buenos Aires, Beijing, Hong Kong, London, New Delhi, San Diego, Seoul, Taipei, Tokyo – March 17, 2025

The smartphone market in Latin America (LATAM) saw its shipments increase 9.3% YoY in the last quarter of 2024, according to the latest report from Counterpoint’s Market Monitor service. This was the sixth consecutive quarter to see YoY growth. Argentina, Chile, Peru and other markets in the region were key drivers of this growth.

However, shipments decreased by almost 2% compared to the previous quarter. This happened because many brands had started to ship the products in Q3 2024 to ensure these were distributed before the beginning of the holiday season. Almost all LATAM countries have their own versions of the Black Friday event, with many lasting the whole week. Some countries have events earlier in November, such as El Buen Fin in Mexico and Cyber Monday in Argentina.

Almost all the LATAM countries saw a YoY increase, driven mainly by stronger consumer demand and increased competition. Most OEMs offered substantial discounts and promotional bundles during the November-December season.

4G smartphones are still driving the sales in the region. According to our Market Pulse report, 5G smartphones represented 38% of the sales in Q4 2024. Samsung, Motorola and Apple led 5G smartphone sales in the region, while Chinese OEMs were still pushing 4G smartphones. This proportion will most likely change in 2025.

Many brands ended 2024 with higher inventories, which might slightly impact the Q1 2025 shipments. Growth is expected to decrease from 14% in 2024 to 6% in 2025.

Brand summary

• Samsung continued to lead the region, with around 9% points market share difference from its closest competitor. The OEM’s earlier launch of its entry-level model contributed to increased YoY shipments, though its market share remained unchanged as LATAM’s total addressable market (TAM) expanded.

• Motorola managed to grow marginally YoY. Its success came mainly from lower price bands and aggressive price discounts in its 5G smartphone offerings, which also enabled regional expansion. However, it lost a couple of percentage points YoY in its market share.

• Xiaomi's double-digit growth was driven by Mexico, Ecuador, Argentina and Colombia. Xiaomi also surpassed Samsung in October as Colombia’s new market leader. However, sales were affected YoY due to a near-60% YoY decline in grey market shipments in Brazil. Xiaomi's product strategy did not prioritize 5G capability but instead focused on other features.

• Apple’s shipments in Brazil and Mexico, its best-performing markets in the region, grew YoY and QoQ. Unlike previous years, the growth was primarily driven by the new iPhone 16 Pro Max. However, legacy models continued to hold a larger share of shipments due to their favorable price for the given specifications.

• HONOR experienced YoY growth as the brand consolidated its position in the region, driven primarily by affordable 4G smartphones. HONOR’s shipments soared in Peru, Ecuador and Central America during Q4 2024.

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.