- Samsung lost nearly half of its market share YoY but still remained the market leader with a 22% share.
- Motorola grew the most by taking 60% share of the overall market growth to reach a 16% market share in Q1 2024.
- OPPO and Xiaomi’s shipments grew 41% and 40% YoY respectively during the quarter.
- TECNO managed to enter the list of top five brands by taking a 10% market share in Q1 2024.
Bogota, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego, Seoul, Taipei, Tokyo – June 12, 2024
Colombia’s Q1 2024 smartphone shipments grew 27% YoY, according to the latest report from Counterpoint Research’s Market Monitor service. Samsung lost nearly half of its market share YoY but still remained the market leader with a 22% share. Samsung was followed by Motorola and Xiaomi. Motorola grew the most by taking 60% share of the overall market growth to reach a 16% market share in Q1 2024. TECNO managed to enter the list of top five brands for the first time by taking a 10% market share in Q1 2024.
Commenting on the market dynamics, Research Analyst Andres Silva said, “This quarter’s YoY shipment growth reflects a base effect because the overall volume was quite low a year ago. Also, market concentration has eased in the country as new entrants like TECNO are gaining share even as recognized brands like Samsung are struggling. Carriers have also launched their 5G services and devices along the way. We see the Q1 2024 shipment volume as a sign of channel inventory build-up for Mother’s Day.”
In QoQ terms, smartphone shipments rose by 29%, surpassing the usual holiday season surge seen in Q4. The Colombian peso also steadied between 3,800 and 3,900 per US dollar, providing importers a more stable exchange rate. Simultaneously, inflation decreased as the central bank rate cuts started to impact the economy.
Key insights on top OEMs in Q1 2024:
- Samsung’s shipments declined 28% YoY even as the overall market grew. The brand’s entry-level Galaxy A05 series failed to match the demand seen by its predecessor. Samsung users are moving to higher price bands, taking advantage of the affordable prices of the Galaxy A14 and A15 series.
- Xiaomi continued to grow in the carrier channel. The Redmi Note 12S demand surpassed that for the Redmi Note 11S while the Redmi 13C became the best-selling model for the brand. In the open channel, the Redmi Note 13’s 4G version drove the brand’s growth.
- Motorola’s 5G shipments took a hit after an import ban in December 2023. Nonetheless, to compete in the country, the brand focused its Q1 2024 sell-in on the $150-$249 price band.
- OPPO’s A38 and A58 shipments improved the Chinese brand’s market share by 1%.
- TECNO took advantage of Samsung’s lack of entry-level model updates by shipping the Spark 20C in that price segment. TECNO’s growth during the quarter was driven by the offline and open channels.
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.
Follow Counterpoint Research
press(at)counterpointresearch.com
