- Global budget smartphone sales grew 10% YoY in Q2 2024, surpassing 100 million units, driven mainly by emerging markets.
- Budget smartphones accounted for 37% of global smartphone sales, with high-end features being integrated into them faster.
- The top 10 budget smartphones accounted for one-fourth of the budget segment.
- Xiaomi and Samsung led the budget smartphone market, with Xiaomi’s Redmi 13C 4G being the bestseller.
- The budget segment is experiencing a notable shift toward 5G, with 5G devices representing 24% of the market in Q2 2024, a volume increase of 2.5 times annually.
Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi, Taipei, Tokyo – September 3, 2024
Global sales of budget smartphones (sub-$150 wholesale price) saw a robust recovery in Q2 2024 to grow 10% YoY and surpass 100 million units, according to Counterpoint Research’s Global Monthly Handset Model Sales Tracker. This growth drove budget smartphones to contribute 37% of global smartphone sales in Q2 2024. The recovery was largely driven by emerging markets, which contributed to three-fourths of the total sales volume in this segment. Another factor contributing to this growth was the trend of OEMs integrating high-end smartphone features faster into affordable devices. This trend reflects the overall maturity of the smartphone industry.
The top 10 best-selling budget smartphones accounted for one-fourth of the budget segment in Q2 2024, up from 21% in the same period last year. The number of active budget smartphone models decreased to just over 1,500 in Q2 2024, nearly half compared to the same quarter in 2018. This trend highlights market consolidation in the budget segment as OEMs focus on leaner portfolios and consumers prefer recognized brands.
In Q2 2024, the top 10 budget smartphones list was dominated by Xiaomi, Samsung and OPPO, taking three spots each. The remaining spot was taken by TECNO. The best-selling budget smartphone was the Xiaomi Redmi 13C 4G, followed by the Samsung Galaxy A05 and A15 4G. These models’ widespread popularity across regions, coupled with an attractive balance of specifications and features, propelled them to the top of the rankings.
The budget smartphone segment is experiencing a notable shift toward 5G, with 5G devices representing 24% of the market in Q2 2024, a volume increase of 2.5 times annually. India and China are the leading contributors to this growth, with 5G becoming a standard feature in the budget segment of these markets. As 5G becomes more affordable, the sub-$150 segment will see significant growth, with OEMs using 5G as a key differentiator.
The Xiaomi Redmi 13C 5G, which was launched in December 2023, made a notable debut in the top-10 rankings in Q2 2024, marking the first 5G budget smartphone to do so. Other strong performers in the budget 5G category this quarter included the Xiaomi Redmi 12 5G and realme 12x. Along with 5G, these smartphones also offer competitive specifications, like powerful cameras, bigger battery sizes and fast-charging support.
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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