Global smartphone shipments grow by 6% in Q1 2024, Samsung retakes the top spot

• The global smartphone shipments reported a growth of 6% in Q1 2024.
• In Q1 2024, 296.9 smartphones were shipped globally, up from 280.2 million devices shipped in Q1 2023.
• Samsung emerged on top with a 20% market, followed by Apple with a 17% market share.

The year 2024 has begun with some good news for smartphone makers as global smartphone shipments have reported a 6% growth in Q1 2024. The growth is being attributed to strong performance in Europe, the Middle East and Africa and other regions.

According to a report by Counterpoint Research, 296.9 million smartphones were shipped in Q1 2024, up from 280.2 million devices shipped in Q1 2023.

“Smartphone shipments grew during the first quarter as emerging markets continued their strong momentum, while Europe, especially Central and Eastern Europe, grew the most compared to a difficult Q1 2023,” said Prachir Singh, senior analyst, Counterpoint Research.
Q1 2024 smartphone market share

Company	Market share
Samsung	20%
Apple	17%
Xiaomi	14%
Oppo	8%
Vivo	7%

Source: Counterpoint Research

Samsung occupies the top position
Samsung occupied the top position in global smartphone shipments in Q1 2024 with a market share of 20%. The company accounted for 18% of the total revenues.

Apple is in the second spot, with a 17% market share. Due to its high average selling price (ASP), the company accounted for 41% of the overall revenue. The company’s shipments declined by 13% year-on-year.

Xiaomi recorded the highest growth in shipments in Q1 2024 at 34%. The company recorded a 14% market share in Q1 2024, followed by Oppo which recorded an 8% market share and Vivo which recorded a 7% market share.
Q1 2024 revenues record new high
The smartphone revenues increased by 7% year-on-year in Q1 2024 to report the highest revenues recorded in Q1. The premium segment with devices priced above $800 emerged as the fastest growing segment in Q1 2024, recording double-digit growth.

The above $800 segment recorded an 18% share of the overall smartphone shipments, up from 16% in Q1 2023. The $400-799 segment reported a 16% market share in Q1 2024, up from 15% in Q1 2023.

The $100-399 segment reported a slight decline in market share from 54% in Q1 2023 to 53% in Q1 2024. The budget segment, consisting of devices priced below $100 declined from 15% in Q1 2023 to 13% in Q1 2024.
Steady growth expected
According to experts, smartphone shipments are expected to grow slowly but steadily in the short term. Revenues are expected to grow faster as users move towards more premium smartphones.

“Growth is expected to be slow but steady in the near term. However, revenues are expected to grow faster as the ongoing premiumisation trend is likely to persist, especially with the rise of newer form factors and capabilities such as foldables and GenAI,” said Tarun Pathak, Research Director, Counterpoint Research.

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