The global smartphone market grew 2 percent in the July-September period – the first year-on-year growth in a third quarter since Q3 2018 – as Apple became the biggest brand in September on the back of the early launch of the iPhone 16, Tuesday. According to a new report.
According to Counterpoint Research's Smartphone 360 tracker, this was the fourth consecutive quarter of growth for the global smartphone market, a testament to the ongoing market recovery.
Apple's sales rose 1 percent in Q3, and in September it established itself as the biggest brand globally, helped by the iPhone 16 launch, despite sales of the iPhone 16 series remaining stagnant.
The market remains stable in 2024, recovering from the lowest sales in a decade as consumer sentiment and macroeconomic factors are performing better than last year. Most markets improved in Q3, led by Western Europe, Latin America (LATAM) and Japan, all reporting double-digit YoY percentage growth.
Research director Tarun Pathak said the market recovery in 2024 has benefited big smartphone players, and the top 10 brands have all gained consolidated share.
Pathak said, “Samsung and Apple retained the top two positions in Q3 2024, followed by Xiaomi, Oppo and Vivo. “Samsung led the market with 19 percent share, thanks to the continued demand for the A-series and the improved performance of the S24 series.” “While iPhone 16 series sales may have been flat initially, we expect demand for the iPhone 16 series to remain stable due to the large installed base of iPhone users,” he said. Smartphone sales volume growth is slowing due to long holding periods and a mature consumer base. Still, consumers are spending more than ever on new smartphones, leading to price increases in the industry, the report said. “One in four consumers will spend more than $600 purchasing a smartphone in 2024,” the report said. “This is the segment where new technologies like Gen AI will bring change.”
Also read:-
Meta lays off employees in WhatsApp, Instagram and other teams”
Comments are closed.