market recorded a 6% growth year on year in the first quarter of 2024. The estimated revenue from smartphone sales was the highest in the first quarter, according to the Counterpoint detail. The smartphone market achieved 296.9 million shipments in the first quarter of 2024, with Samsung dethroning Apple for the top position.Counterpoint Market Monitor service quarterly updates the global smartphone market and its latest research is quite illuminating.
The smartphone market numbers for Q1 2024 show some emerging trends. The increasing quantum of revenue from premium offerings is growing faster than shipments. This trend should persist with the rise of newer form factors such as foldables and capabilities. Samsung upended Apple to be the leading smartphone shipments globally. On the other hand, Apple’s shipments declined by 13% YoY due mainly to high inventory buildup in Q4 2023.
The performance of some of the brands was stronger in some regions and poor in others. For example, the Transsion brand performed strongly in Eastern Europe, India, APAC, and MEA while OPPO recorded declines, indicating stiffer competition in several of its markets. Xiaomi however recorded growths in almost all of its key markets. The outlook for the next quarter remains bright and the trend is expected to persist beyond Q2 of 2024.