NEW DELHI: The global smartphone market grew 2% in July-September, marking the first year-on-year growth in the third quarter since the third quarter of 2018. In September, Apple became the biggest brand, boosted by the early launch of the iPhone 16. According to a new report on Tuesday.
According to Counterpoint Research’s Smartphone 360 Tracker, this is the fourth consecutive quarter of growth for the global smartphone market and evidence of the continued recovery of the market.
Apple’s sales rose 1% in the third quarter, propelling it to the world’s largest brand in September on the back of the iPhone 16 launch, despite flat sales for the iPhone 16 series. Established.
The market will remain stable in 2024 as consumer sentiment and macroeconomic factors remain strong from last year, recovering from the lowest sales in a decade. Most markets recovered in the third quarter, led by Western Europe, Latin America (LATAM) and Japan, all of which posted double-digit year-over-year growth.
Research director Tarun Pathak said smartphone players are benefiting from market recovery in 2024, with all top 10 brands gaining consolidated share.
“Samsung and Apple remained in the top two positions in Q3 2024, followed by Xiaomi, OPPO, and vivo. Sustained demand for the A series and improved performance of the S24 series led to Samsung gaining a 19 percent share We led the market in this,” Pathak added.
“While initial sales of the iPhone 16 series were flat, we expect demand for the iPhone 16 series to remain stable going forward due to the large installed base of iPhone users,” he added.
Growth in smartphone sales is slowing due to longer smartphone ownership periods and a maturing consumer base.
Nevertheless, consumers are spending more than ever on new smartphones, leading to an increase in value for the industry, the report said.
“One in four consumers will spend $600 or more when purchasing a smartphone in 2024. This is an area where new technologies like Gen AI will make a difference,” the report states.
