A new report by Canalys reveals that global smartphone shipments grew by 5% in Q3, 2024. Samsung and Apple were locked in a close battle for the top player with almost identical market shares. According to Canalys, this was the fourth consecutive quarter of growth for global smartphone market.
The growth trend, according to Canalys’ report, is primarily driven by resilient demand in emerging economies alongside the early stages of a replacement cycle in North America, China and Europe.
Samsung led the market with 18% of smartphones but Apple closed the gap with almost 18% market share. Xiaomi took 14% market share and maintained its position as the third largest smartphone vendor. Oppo and Vivo rounded up the top five with 9% market share each. Oppo’s growth came from strong performance in India and Latin America whereas Vivo’s shipments grew by double digits.
Apple’s highest third-quarter
As per the report, Apple achieved its highest third-quarter volume to date and has never been closer to leading the global smartphone market in a Q3 than now, said Runar Bjørhovde, Analyst at Canalys. “The ongoing strong demand for the iPhone 15 series, along with Apple’s legacy models, played a crucial role in its Q3 performance,” Bjørhovde noted.
What has also helped Apple is long-due refresh cycle of devices and the gradual market shift towards premium devices, particularly in its strong-hold regions such as North America and Europe. Canalys also expects that the iPhone 16 series will help Apple maintain a strong finish to 2024 and “help momentum in H1 2025, particularly as Apple Intelligence expands into new markets and supports additional languages.”
On the global smartphone market landscape, “The gap between the top five vendors has narrowed, intensifying the competitive landscape” commented Le Xuan Chiew, Analyst at Canalys. “Vendors are entering the holiday shopping season with solid momentum and cautious optimism, aiming to attract consumers who have postponed upgrading their devices in anticipation of deals during major events like 11.11 and Black Friday.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
