Global Smartphone Market Trends in Q1 2024

Since the outbreak of the pandemic until last year, the global economy has been significantly impacted, with the smartphone market experiencing consecutive declines. In line with the global economic recovery and the rise in consumer demand, recent market research data from Canalys shows a positive trend in the global smartphone market in the first quarter of 2024, with an 11% year-on-year growth.

During the first quarter of 2024, Samsung led the global smartphone market with a market share of 20%, followed by Apple at 16%. Xiaomi secured the third spot with a market share of 14%, while Transsion held a 10% market share in fourth place. OPPO claimed the fifth position with an 8% market share.

Notably, both Samsung and Apple saw a decrease in market share year-on-year, with Apple experiencing a significant 5% decline. Despite this, Samsung maintained its leading position, largely attributed to the strong sales of the Galaxy S24 series, featuring the innovative Galaxy AI smartphone. Meanwhile, the lack of innovation in the iPhone 15 series had a substantial impact on Apple’s market performance.

On the other hand, Xiaomi and Transsion showed a positive trend with respective increases of 3% and 4% in market share, driven by their rapid expansion in the low-end market segment. Competition in regions like Latin America and Southeast Asia has intensified, accelerating smartphone penetration. Despite ranking fifth, OPPO also experienced a 2% decline in market share.

While there is a trend of market recovery globally, Canalys analysts advise smartphone manufacturers to remain cautious due to the uncertainty of global inflation. They recommend closely monitoring inventory levels and expediting clearance in the second quarter to make room for new device launches in the latter part of the year.