Global Smartphone Market Rebounds with Steady Growth in Q3 2024

TechInsights' latest research shows a continued recovery in the global smartphone market, with shipments rising year-over-year in Q3 2024. Samsung maintained its lead, followed closely by Apple, while Xiaomi, OPPO (OnePlus), and vivo rounded out the top five. Revenue trends also showed resilience, driven by robust demand across emerging markets like Africa, Latin America, and Asia-Pacific. In contrast, North America and Central and Eastern Europe saw declines, with the latter affected by ongoing geopolitical issues. While Samsung and Apple remain industry leaders, their performance varied by region. Samsung faced increased competition and mixed results in mature markets, while Apple saw strong growth, especially in Western Europe, India, and Japan, thanks to strategic pricing on new and legacy models.

Xiaomi and vivo showed steady growth, with the latter ranking first in the Asia-Pacific region, benefiting from demand for both budget and premium models. OPPO and OnePlus saw flat results as they navigated competitive pressures, while Lenovo-Motorola and Huawei outperformed, showing growth driven by strong regional strategies and new product lines.

Despite a deceleration in growth rates, the global smartphone market is projected to see a modest uptick through the end of 2024. However, potential challenges remain, including supply chain costs, economic uncertainties, and heightened competition, particularly as Huawei's re-entry into the 5G market intensifies. Looking forward, Apple and Samsung are expected to retain top positions, with Apple’s iPhone SE release in 2025 potentially setting the pace for the year.

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