Fuelled by strong demand and improved market conditions globally, smartphone sales bounced back with 2% YoY growth in Q3 2024, the first rise in six years.
Global smartphone sell-through volumes increased by 2% year-over-year (YoY) in Q3 2024, marking the first YoY growth for a third quarter since 2018, according to a report by Counterpoint Research.
This growth represents the fourth consecutive quarter of recovery in the smartphone market, which had previously experienced its lowest sales in a decade. The report highlighted that improved consumer sentiment and macroeconomic conditions contributed to this stability, with notable recoveries in Western Europe, Latin America, and Japan, all witnessing double-digit YoY growth.
In terms of brand performance, all major smartphone manufacturers benefited from the market rebound. Samsung and Apple maintained their positions as the top two brands, with Samsung capturing a 19% market share, driven by demand for its A-series and S24 series. However, Samsung’s foldable devices received mixed reviews.
On the other hand, Apple saw a 1% sales increase, largely due to the launch of the iPhone 16, although initial sales remained flat. However, according to Tarun Pathak from Counterpoint, “We expect the demand for iPhone 16 series to remain stable due to the large installed base of iPhone users.”
Xiaomi continued to gain momentum, achieving YoY growth for the fourth consecutive quarter and briefly ranking second in August. OPPO also reported its highest sales since Q3 2023, while vivo experienced the fastest growth among the top five manufacturers, becoming the leading OEM in both China and India.
Notably, brands outside the top five, like Huawei and Motorola, grew nearly 30% YoY, with Motorola reaching its highest quarterly sales.
Looking at the trends of the third quarter of this year, the report concluded that consumers are spending more on new devices despite lengthening smartphone holding periods, with one in four expected to spend over $600 in 2024.
