Commenting on the market dynamics, Senior Analyst Shilpi Jain said, “The global smartphone market has entered a new phase where shipments are no longer the primary driver of growth; instead, value has become the key growth lever, with rising component costs acting as a catalyst. With the entry tier shrinking and facing cost pressures, most OEMs are shifting away from volume-driven strategies, passing higher Bill of Materials (BOM) costs on to consumers, upselling higher-storage and higher-configuration models, and focusing on the premium segment. OEMs also expanded accessibility through instalment plans, aggressive EMI schemes, and trade-in offers, particularly in emerging markets where upfront affordability remains the key barrier to owning premium devices.”

Global Smartphone Market by Revenue Share, Average Selling Price, Shipments Share in Q2, 2026

*OPPO includes OnePlus and realme in all quarters shown. ASP is Based on Wholesale Price

Apple hit its highest-ever second-quarter revenue share of 49% in Q2 2026. The brand’s revenue rose 22% YoY during the quarter, supported by a 13% increase in shipments and 8% growth in ASP.

Commenting on Apple's performance, Research Director Tarun Pathak said, "Apple's growth was led by the sustained demand for the iPhone 17 lineup, particularly the base iPhone 17 and iPhone 17 Pro Max, which kept the brand’s mix skewed toward premium. Unlike peers that pushed through steep price increases, Apple kept pricing largely stable, reflecting its ability to absorb rising BOM costs and remain insulated from the memory crisis. However, Apple will likely increase prices in the coming quarters. This discipline strengthened Apple’s competitive position, enabling growth in both value and volume even as much of the market contracted. Regionally, China, Europe and emerging markets were the standout performers, as stable pricing improved Apple’s relative value proposition amid widespread Android price increases."

Samsung ranked second in the market, capturing a 16% revenue share in Q2 2026, helped by strong growth in both revenue and shipments, which rose 9% YoY each. Meanwhile, ASP remained relatively flat. Higher shipments were supported by stable demand across the Galaxy A-series, while the Galaxy S26 series’ continued momentum strengthened the brand’s premium performance. Regionally, growth was led by a particularly strong rise in shipments in the Middle East and Africa, along with double-digit percentage growth in North America, helping Samsung expand both shipments and revenue during the quarter. Samsung’s vertical integration and better control over component sourcing also helped it control growing input costs and maintain competitive pricing, contributing to a stable ASP despite selective price increases across its portfolio.

Xiaomi witnessed the steepest shipment decline among the top five brands, falling 26% YoY in Q2 2026. The decline also weighed on revenue, which tumbled 17% YoY, despite a significant 13% YoY increase in ASP as the company pushed toward higher-value devices. Xiaomi’s heavy reliance on entry- and mid-tier smartphones left it exposed to the memory crisis, as cost-driven price hikes weakened demand faster than higher ASPs could offset lower volumes. In response, Xiaomi increased model prices, streamlined its portfolio, prioritized profitability over scale, and expanded its focus on premium and upper mid-tier smartphones.

OPPO and vivo’s revenues declined 10% YoY and 11% YoY, respectively, despite ASP growth of 9% and 13%, with vivo recording the fastest rise in ASP among the top five brands. Their exposure to price-sensitive segments and sharp shipment declines limited the benefits of higher pricing. Despite shipment declines, OPPO and vivo recorded an increase in ASP as weaker entry-level demand, portfolio price increases and disciplined portfolio management shifted their sales mix toward higher-value devices.

Moving ahead, with memory shortages and rising costs showing no near-term relief, OEMs are expected to continue hiking prices and shifting their mix toward higher-value tiers. Supply is increasingly becoming a binding constraint than demand, and more severe shipment declines are likely to be witnessed by the smartphone industry in H2 2026. Consequently, ASPs are expected to rise in the coming quarters as well.

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