Recently, the Hong Kong-based data analytics firm Counterpoint published a report about the revival of global smartphone markets. Per the report, global shipments increased 6% year-over-year in the first quarter of 2024. The organization attributed the growth to strong performance in markets like Europe, the Middle East, Africa, the Caribbean, and Latin America.
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Global Smartphone Market Shows Signs Of Growth
Apple Captures 41% Of The Global Smartphone Revenue
In terms of revenue, Apple led the smartphone market with a 43% share in Q1 2024, implying that nearly half the money people spent on smartphones went to Apple (for iPhones). Interestingly, the company achieved this with an 11% decline in its year-over-year revenue. The revenue share mostly comes from the highest average selling price, which is between $880 to $900.
Samsung Leads The Global Smartphone Shipments
However, even after tough competition from the iPhone maker, Samsung took back its spot as the most popular brand by accounting for 20% of global smartphone shipments. The Korean giant’s revenues grew by 2% year-over-year, boosted by the increase in average selling price ($336).
Apple comes in second with a 17% share in global shipments. Hence, even though Apple made the most money, the majority of people still purchase Android phones from manufacturers like Samsung, Xiaomi, Vivo, and Oppo.
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What’s Happening In The Indian Smartphone Market?
Counterpoint also released a report about the Indian smartphone market, stating that it grew 8% year-over-year in terms of volume. According to the report published on May 9, 2024, the Chinese smartphone brand Vivo led the Indian market by volume, while Samsung led the market by value.
Vivo Sold The Most Smartphones
In Q1 2024, Vivo captures the top spot by volume for the first time, with a 19.2% share. This implies that nearly one-fifth of the smartphones sold in India during the first quarter belonged to Vivo. However, regarding the total revenue generated from smartphone sales, Samsung took the lead with a whopping 25% market value share.
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Samsung Reached Record Average Selling Price, Earns Highest Revenue
Even though Vivo is selling more smartphones, Samsung’s average selling price remained higher (greater than Rs. 20,000), which helped it gather the highest revenue. Samsung’s performance in the market can be attributed to the launch of the Galaxy S24 series, which comes with many AI-based features.
Apple Leads The Premium Segment With iPhone 15
The premium segment (consists of smartphones that cost more than Rs. 30,000) reached a 20% volume share, along with a 51% value share of the overall Indian smartphone market. The segment was led by none other than Apple, which had a record quarter in the country, both in terms of value and volume. For Apple, the discounted iPhone 15 series worked wonders, even in the offline market.
During the first quarter, Nothing became the fastest-growing company (at a pace of 144%) in the Indian market due to the Nothing Phone (2a) (review). Another company that did well is Motorola, whose shipments grew 58% in volume. Last but not least, 71% of the smartphones sold in Q1 2024 were 5G-compatible.
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