Smartphone market kicks off 2024 with 20 million unit increase in global shipments

Business a.m.

The first quarter of 2024 witnessed an unprecedented surge in global smartphone shipments, signaling the enduring relevance and adaptability of these portable devices.

According to Stocklytics.com, worldwide smartphone shipments soared by e 20 million units year-over-year, hitting a total of 289.4 million units in Q1 2024. The significant growth was largely attributed to high demand in key regions such as EMEA, the Caribbean, and Latin America.

The report showed that Samsung managed to reclaim the top spot in the global smartphone market, overtaking Apple despite experiencing a slight 0.7 percent year-over-year decline.

In the first quarter of 2024, Samsung shipped approximately 60 million units, a modest decrease from the 60.5 million units shipped during the same period in 2023. Stocklytics.com noted that the company’s robust A-series lineup, in conjunction with its premium models, played a crucial role in supporting its supply.

Apple, on the other hand, witnessed a 9.6 percent year-over-year decline, causing it to slip to second place in the market rankings. The tech giant shipped 50.1 million units in Q1 2024, a drop from the 55.4 million units shipped in Q1 2023. Meanwhile, Xiaomi managed to hold onto the third position with a shipment of 40.8 million units, accounting for 14.1 percent of the total market share. This marked a significant growth of 23.7 percent for Xiaomi compared to the same period in 2023.

Completing the list of the top five smartphone manufacturers, Transsion and OPPO secured the fourth and fifth positions, respectively. Transsion shipped 28.5 million units, accounting for 9.9 percent of the total market share, while OPPO followed closely behind with 25.2 million units shipped, representing 8.7 percent of the market. The remaining 29.3 percent of the global market share was divided among various other brands, which collectively distributed 84.7 million units worldwide.

The growth in global smartphone shipments during the first quarter of 2024 was attributed to several key factors. One significant contributor is the increasing penetration of 5G technology across various markets. Consumers are actively seeking devices that support 5G networks for enhanced connectivity and capabilities, driving the demand for smartphones with this cutting-edge technology.

Additionally, changing consumer preferences have played a pivotal role in the market’s expansion. The desire for smartphones with larger screens, advanced camera capabilities, and innovative features has fueled the demand across different regions, further boosting sales and driving competition among manufacturers.

The digital transformation, accelerated by the COVID-19 pandemic and its lasting effects, has also contributed to the surge in smartphone shipments. With the rise of remote work, online education, and digital communication, consumers are increasingly reliant on smartphones for both professional and personal use.

Commenting on the increase in phone shipments, Edith Muthoni, a financial analyst with Stocklytics, remarked“This remarkable uptick in smartphone shipments not only underscores the industry’s resilience but also signals a renewed vigour in consumer demand for these indispensable devices. Consumer preferences and distributor innovations will drive the market to new heights. Besides, emerging markets will provide avenues for vendors to explore.”