The latest report from Canalys reveals that the smartphone market has experienced year-on-year growth for the third consecutive quarter in Q2 2024. Between April and June, global smartphone shipments reached 288 million units, marking a 12% increase compared to the same period last year.
Market Leaders and Growth
Samsung vs. Apple
Samsung maintains its position as the market leader, though its lead over Apple has narrowed to just 2 percentage points. Both companies are focusing on premium products enhanced with AI capabilities to sustain and increase their market shares.
Significant Gains by Xiaomi and Transsion
- Xiaomi: Increased its market share from 13% in Q2 2023 to 15% in Q2 2024.
- Transsion: Maintained its 9% market share but saw growth in shipments due to aggressive promotions in developing regions such as Asia-Pacific, the Middle East, Africa, and Latin America.
Other Notable Players
- vivo: Increased its market share from 8% to 9%.
- Honor and Oppo: Actively working to expand their presence outside Mainland China as competition intensifies domestically.
Market Share Breakdown
| Company | Q2 2024 Market Share | Q2 2023 Market Share |
|---|---|---|
| Samsung | 18% | 21% |
| Apple | 16% | 17% |
| Xiaomi | 15% | 13% |
| vivo | 9% | 8% |
| Transsion | 9% | 9% |
| Others | 33% | 33% |
Growth Drivers
Easing inflation and strategic promotions have played significant roles in this growth, particularly in developing markets where consumers are more inclined to upgrade their devices. Companies like Samsung and Apple are doubling down on premium product lines with advanced AI features, aiming to capture a larger share of the market.
Future Outlook
As the market continues to grow, manufacturers are expected to innovate further and diversify their offerings to maintain and expand their market positions. The focus will likely remain on enhancing AI capabilities and targeting both premium and developing markets to drive growth.
This sustained growth underscores the dynamic nature of the smartphone industry, with companies continually adapting to consumer needs and market conditions to stay competitive.
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