The smartphone market saw a remarkable 18.7% year-on-year growth in Q1 2024, reaching 296 million units. This surge was stimulated by the reduced production levels observed in the same period of the previous year. However, forecasts project a possible decline in production for the upcoming quarter (April-June 2024).
Samsung dominated the smartphone market in Q1 2024, churning out 59.5 million units. Following Samsung were Apple, Xiaomi, Oppo (including OnePlus and Realme), Transsion (Infinix, Tecno, iTel), and vivo. Together, these brands collectively hold an 80% share of the global smartphone market, with Samsung alone claiming 20% of that share.
The market conditions stemming from 2023, where companies focused on depleting older inventory rather than launching new products, have influenced the comparative data of recent months. Despite this trend, Xiaomi has successfully moved past its inventory challenges and increased its investments in emerging markets.
Oppo faced challenges in domestic sales in China as Honor rose to prominence. However, Oppo has resolved patent disputes with Nokia, enabling its product sales in Europe. A re-entry into the German market is anticipated for the latter half of the year.
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