Global Smartphone Market Rebounds After Two-Year Lull, Grows 7% In 2024: Report

The global smartphone market grew up to 7% in 2024, according to a research by Canalys, a technology market analyst firm. This came after a two-year lull, as the smartphone market decelerated by 12% and 4% in 2022 and 2023, respectively, it said.

Apple topped the charts in market share with 18%, on the back of growth in emerging markets and stable performances in North America and Europe. The iPhone seller did falter when it came to overall volumes, which declined by 1% year-on-year to 225.9 million units due to tight competition from local brands in mainland China, as per the research.

Samsung was a close second, having also reached about 18% market share, but similarly sliding down by 1% in terms of volume to 222.9 million units.

The charts below highlight the market share and volume growth of various smartphone brands.

Xiaomi saw strong momentum in mainland China, occupying a 14% market share and continued to expand into emerging markets. Its shipments grew by 15% to 168.6 million units, Canalys said in its report.

Transsion came in fourth place with 9% market share, and a notable 15% volume growth to 106.7 million units. Oppo stood fifth with 8% market share, and logged a 3% volume growth to 103.6 million units, as per the research.

"Demand has been soaring in the mass-market segment, driven by a refresh cycle of pandemic-bought smartphones alongside channel replenishments,"Runar Bjørhovde, analyst at Canalys said.

Bjørhovde said that the vendors targeted the open market by leading with strong "value-for-money-focused products."

According to the analyst, the focus on scaling volume also brought with it a risk of margin erosion to keep prices competitive. This led vendors to reduce fixed costs and optimise resource planning.

"Demand in these regions has been accelerated by high vendor promotions, such as discounts, trade-ins and device bundles, used across the channel," Bjørhovde said.