Global smartphone market rebounds for three consecutive quarters: Xiaomi will grow fastest in Q2 2024

On July 16, a report from the analysis agency Canalys showed that in the second quarter of 2024, the global smartphone market grew for three consecutive quarters, with shipments increasing by 12% year-on-year to 288 million units. Among the top five mobile phone brands, Samsung leads the world with a market share of 18%, followed by Apple, which ranks second with a market share of 16%.

Xiaomi closely follows Apple, occupying 15% of the market share this quarter, a 30% increase, and has the fastest year-on-year growth among the top five manufacturers. Vivo ranked fourth with a market share of 9%, and Transsion also ranked fifth with a market share of 9% this quarter.

1. Optimism in the global smartphone market continues to rise, driven by innovative technologies such as generative artificial intelligence and recovering mass market demand.

2. Since the beginning of 2024, easing inflation in emerging markets in Asia Pacific, the Middle East, Africa and Latin America has stimulated growth in shipments in the mass market price segment.
3. Manufacturers including Xiaomi and Transsion are actively promoting product upgrades to seize opportunities.
4. As competition in the domestic market becomes increasingly fierce, Honor, OPPO and vivo are focusing on expanding into international markets outside mainland China this year.

   

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