In the second quarter of 2024, the global smartphone market grew by 6% compared to the same period last year. According to Counterpoint Research analysis, this is the best result in the past three years.
Subscribe to RB.RU on Telegram
Counterpoint: Smartphone market shows best growth in three years
The company’s report shows that global smartphone sales grew for the third consecutive quarter, recovering from a three-year slump. Experts cite “improving consumer sentiment and macroeconomic factors” as the reasons for the growth.
A 6% increase in sales is a record since 2021. The fastest-growing markets were Europe and Latin America, where analysts recorded “double-digit growth.”
Samsung holds the leading position in the smartphone market with 20%, although its share is falling for the second year in a row: from 22% in 2022 to 21% in 2023. Apple products account for 16% of total sales.
The fastest-growing Chinese brands were Xiaomi and Vivo, with sales increasing by 22% and 9% respectively over the year.
At the same time, sales of Chinese manufacturer Oppo fell by 16% over the year. Counterpoint analysts attribute this to a change in the company’s strategy. Oppo is focusing on devices in the mid- to high-price ranges.
“This choice may cause market share problems in the short term, but will lead to greater profitability for the brand,” the experts say.
In Russia, the demand for smartphones from China has increased significantly: Infinix, Tecno and OnePlus brands became the leaders in sales growth in the second quarter of 2024. At the same time, the American Apple remains the favorite brand of Russians.
Photo by: Unsplash
Author:
Akhmed Sadulayev
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
