Global Smartphone Market Rebounds with 12% Growth in Q2 2024

The global smartphone market has marked its third consecutive quarter of growth, achieving a 12% year-on-year increase in Q2 2024, with shipments reaching 288 million units, according to Canalys' latest research.

Samsung maintained its position as the global leader with an 18% market share, emphasizing its strategic focus on the high-end market. Apple followed closely with a 16% market share, while Xiaomi, growing the fastest among the top five, secured a 15% market share with a remarkable 27% annual growth. vivo and TRANSSION both held a 9% market share, ranking fourth and fifth respectively.

“Optimism continues to build in the global smartphone market, fueled by innovative technologies like GenAI and recovering demand from the mass market,” said Amber Liu, Research Manager at Canalys. “Since early 2024, easing inflation in emerging markets across Asia-Pacific, the Middle East, Africa, and Latin America has stimulated shipment growth in the mass-market price segment. Companies, including Xiaomi and TRANSSION, are actively promoting product upgrades to capitalize on these opportunities. Meanwhile, HONOR, OPPO, and vivo are focusing their expansion outside Mainland China this year as competition in the domestic market is heating up.”

Sheng Win Chow, Analyst at Canalys, added, “Samsung and Apple are rapidly advancing their premium product strategies with GenAI features as a key focus. Samsung recently launched its Galaxy Z Fold6 and Flip6 series, building on the AI capabilities first introduced with the Galaxy S24 to deliver enhanced experiences on its latest foldable devices. By integrating software innovation with the foldable form factor, Samsung aims to provide differentiated value to users. While Apple has yet to announce new products, the company generated excitement at WWDC around anticipated refreshes coming soon that will likely demonstrate its leadership in technology innovation.”

This steady growth in the smartphone market reflects the industry's resilience and its ability to adapt to new technological advancements and shifting market demands.