- LATAM saw the biggest growth among all regions of the world in Q2 2024.
- Samsung led the market with a decreased share of 32% and a 2% drop in shipments.
- Apple grew in volume and share following its aggressive pricing strategies for legacy models.
- HONOR’s shipments surged by over 50% YoY driven by aggressive expansion across the region.
Buenos Aires, Seoul, Beijing, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – August 20, 2024
Latin America’s (LATAM’s) smartphone shipments increased by 14.5% YoY in Q2 2024, according to Counterpoint’s latest Market Monitor report. LATAM continued to lead in growth, outpacing all other regions for the second consecutive quarter. Its Q2 growth was partly due to a low base as shipments were still lower than in the same quarter of 2022. However, the shipments showed a QoQ decrease. The second quarter is usually a strong quarter, with most of the region celebrating Father’s Day and Mother’s Day. But this year, the shipments for these key shopping seasons started in Q1 2024.
All the LATAM countries, except for Argentina, saw growth. Argentina’s economy continues to be heavily impacted by last year’s economic crisis. Smaller markets like Central America, the Caribbean and Venezuela saw the highest growth. Fierce competition among Chinese brands is fueling market growth in LATAM while helping them expand their market share.
Samsung remained the region’s absolute leader. One out of three smartphones sold in the region was from Samsung. However, it declined in both volume and share due to relentless competition from Chinese brands in the mid-price and low-mid-price segments.
Motorola’s sales volume increased by almost 14% compared to the same quarter last year, but its market share declined slightly. Motorola is rationalizing the number of models in its portfolio, while aggressively pursuing the Mexico, Brazil and Argentina markets.
Xiaomi’s sales rose both YoY and QoQ. The brand is slowing down in the grey market in Brazil and the Southern Hemisphere. However, during the quarter, it gained sales volume in Mexico, Venezuela and Central America.
Apple grew YoY with the Brazilian market as its main growth driver. The brand is using aggressive pricing strategies for its locally assembled legacy models. Apple’s 4G model sales are declining sharply and 5G models will soon have more share in its sales. Brazil and Mexico are driving Apple’s volume in the LATAM region.
HONOR grew aggressively in the region in Q2 2024, expanding into new markets such as Brazil and Venezuela.
Infinix and realme were the only brands to achieve triple-digit YoY growth in the region. Brazil has been a key market for both brands’ rapid expansion.
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.
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