London, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, New Delhi, Seoul, Taipei, Tokyo – August 28, 2024
Europe’s smartphone market continued its recovery for the second consecutive quarter in Q2 2024, registering 10% YoY shipment growth, according to Counterpoint Research’s Market Monitor Shipment Tracker. The recovery can be primarily attributed to sustained macroeconomic improvements reviving consumer demand. While Western Europe registered 8% YoY growth, Central and Eastern Europe registered 12% YoY growth.
Commenting on the market scenario, Associate Director Jan Stryjak said, “The growth for two consecutive quarters reiterates returning consumer confidence after a difficult 2023. More people are now replacing their smartphones after delaying purchases for a few years due to economic uncertainty. While key leading OEMs registered growth and maintained their positions, Chinese OEMs further aided the recovery by targeting mid-price segments, like TECNO in Central and Eastern Europe and HONOR in Western Europe.”
Commenting on the outlook, Vice President, Research Peter Richardson said, “For H2 2024, we will continue to see growth owing to seasonality coupled with economic recovery and a low base. Key launches from Samsung and Apple will further push the premium segment’s market share, which was 25% in Western Europe in Q2 and is gradually growing in Central and Eastern Europe. Emerging players will likely continue to gain market share, particularly in Central and Eastern Europe due to regular new launches and focus on non-premium segments. Overall, single-digit growth is expected in coming years as the market will primarily be driven by replacement demand, while premium smartphones will entail longer replacement cycles.”
Market summary
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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