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Samsung Leads Global Smartphone Market with 4% YoY Growth in 2024: Counterpoint Research

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Global Smartphone Shipments Show Resurgence in 2024
Global smartphone shipments recorded a 4% year-over-year increase in 2024, marking a significant turnaround after two years of annual declines, according to a report by Counterpoint Research. This growth reflects improving consumer sentiment, driven by macroeconomic stabilization. Samsung retained its position as the global leader in market share, followed by Apple and Xiaomi, solidifying their dominance in the industry. The rise in shipments is a promising sign for the sector, which had seen its lowest sales figures in a decade during 2023.

Recovery and Market Dynamics
Counterpoint Research’s preliminary findings from its Market Pulse report highlight that the smartphone market began its recovery in late 2023, showing consistent growth over five consecutive quarters. Research Director Tarun Pathak pointed out that easing macroeconomic pressures were a significant factor in this rebound. The improved economic environment encouraged consumers to upgrade their devices, contributing to a more stable and optimistic market outlook.

Regional Growth Trends
The resurgence was fueled by growth across multiple regions, with Europe, China, and Latin America leading the way. These markets showed robust demand for both flagship and mid-range devices, reflecting varied consumer preferences. Europe benefited from strong promotional activities, while China’s recovery was spurred by local economic measures. Latin America’s growth was driven by rising smartphone penetration and demand for affordable models. These regional dynamics played a crucial role in the global market’s recovery.

Outlook for the Smartphone Industry
The 4% YoY growth in 2024 signals a potential return to pre-pandemic market conditions for the global smartphone industry. While challenges such as supply chain constraints and inflation persist, the recovery trend suggests a more resilient consumer base. Industry leaders like Samsung, Apple, and Xiaomi are expected to maintain their positions, leveraging innovation and strategic pricing to cater to evolving market demands. As economic conditions continue to stabilize, the smartphone sector is poised for sustained growth in the coming years.

Tesla Unveils Redesigned Model Y in China to Counter Competition

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Tesla has introduced an updated version of its best-selling Model Y in China, featuring a redesigned exterior and enhanced interior features, aiming to regain market share from local competitors such as Xiaomi. The new Model Y, priced at 263,500 yuan ($35,900), is 5.4% more expensive than its predecessor and is set to start deliveries in China in March, pending regulatory approval. Tesla is also accepting orders for the revamped SUV in several other Asia-Pacific markets, although details on its availability in North America and Europe remain unclear.

The redesigned Model Y now boasts a new light bar stretching across the front end, similar to Tesla’s Cybertruck, along with a full-width light bar on the tailgate. Additional upgrades include heated and ventilated seats for comfort in all weather conditions and a touchscreen for rear-seat passengers. The long-range version now offers a driving range of 719 kilometers per charge, an improvement over the previous 688 km.

While the Model Y has been successful since its 2020 launch, it faced growing competition in China in 2024, with local electric vehicle (EV) manufacturers gaining ground. Tesla’s market share in China’s battery electric vehicle market dropped from 11.7% in 2023 to 10.4% last year. Chinese EV giants such as BYD and Xiaomi have gained traction, with Xiaomi delivering over 130,000 units of its first model, the SU7, in 2024. In addition, companies like Xpeng are also preparing to launch models that directly compete with the Model Y, such as the G7.

Despite the new Model Y, analysts are uncertain whether Tesla will regain its previous momentum in China. Moreover, Tesla’s delayed rollout of its “Full Self-Driving” software could leave it at a disadvantage against Chinese brands that have developed advanced smart driving features.

Tesla also plans to introduce a six-seat variant of the Model Y in China later in the year, which could further expand its offerings in the competitive EV market.

 

Apple, Samsung Smartphone Shipments Decline Amid Rising Chinese Competition: IDC Report

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Global smartphone shipments for Apple and Samsung declined in the fourth quarter of 2024 as Chinese manufacturers, including Xiaomi, Oppo, and Honor, intensified competition, according to preliminary data from the International Data Corporation (IDC).

The global smartphone market has rebounded after two years of decline, driven by the aggressive expansion of Chinese brands into low-end devices and their dominant focus on the domestic market. Chinese companies shipped 56% of global smartphones in the fourth quarter, marking their highest combined volume ever in a single quarter.

Apple and Samsung See Shipment Declines

Apple’s shipments fell by 4.1% to 76.9 million units, while Samsung’s declined by 2.7% to 51.7 million units during the same period. Despite the downturn, Apple maintained its position as the top global smartphone brand for 2024 with an 18.7% market share, followed closely by Samsung at 18%.

Meanwhile, Xiaomi, which held 13.6% of the market, showed the fastest growth among the top five smartphone brands, with a 15.4% increase in shipments. In contrast, Apple’s total shipments for the year dropped by 0.9%, and Samsung’s fell by 1.4%.

Chinese Manufacturers Drive Market Growth

Chinese smartphone makers leveraged their competitive edge in low-end and mid-range devices to expand their market presence, particularly in Europe and Africa. Their focus on affordability and value for money has resonated with consumers, allowing them to achieve record-high shipments in the fourth quarter.

Nabila Popal, senior research director for worldwide client devices at IDC, expressed optimism for continued growth in 2025. However, she also highlighted industry uncertainties due to the possibility of new tariffs from the incoming U.S. administration.

Foldable Smartphone Market Struggles

Despite growth in several regions, demand for foldable smartphones has been underwhelming. IDC research director Anthony Scarsella noted that even with heavy promotions and marketing, consumer interest in foldables has remained flat. As a result, smartphone makers are reallocating research and development budgets away from foldable devices.

The evolving landscape of the global smartphone market underscores the increasing influence of Chinese brands and the shifting consumer demand for innovative yet cost-effective options.