Global smartphone market grew 6%, revenue grew 7%, in the first quarter of 2024: Report
The Hindu
Global smartphone market grew 6% YoY in Q1 2024, with Apple leading revenues, Samsung leading shipments, and Xiaomi growing fastest.
The global smartphone market grew 6% year-over-year in the first quarter of 2024 reaching 296.9 million units. The growth is mostly attributed to strong performance in key regions such as Europe, Middle East, and Africa (MEA), and Caribbean and Latin America (CALA).
Global smartphone revenue also grew 7% YoY, reaching its highest-ever so far for a first quarter, research and analysis firm Counterpoint said in a blog post.
The higher end segment of devices priced above $800 was the fastest growing, registering double-digit growth and accounting for 18% of smartphone shipments in Q1 2024, up by 2 percentage points compared to Q1 2023.
Apple led the smartphone market revenues with a 43% share, although its revenue declined by 11% YoY. Meanwhile, Samsung’s revenue grew 2% YoY, propelled by its increasing average selling price, while shipments remained flat.
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Tough competition in China, record low upgrades in the U.S. and a difficult compare from last year due to iPhone 14 Pro’s supply shifting to Q1 2023 all weighed on Apple’s performance. However, improved product mix with the iPhone 15 Pro performance compared to its predecessor and an increasing footprint in emerging markets helped Apple in arresting some of the decline, Research Director Jeff Fieldhack, Counterpoint said.
Samsung meanwhile captured the top spot and led the global smartphone shipments during the quarter driven by early refresh of the Galaxy-A-series and strong performance of its Galaxy S24 series. The Korean-smartphone maker reached its highest-ever average selling price during the quarter.
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