In the first quarter of 2024, global smartphone shipments saw a 6% year-over-year increase, driven largely by robust sales in Europe, the Middle East, Africa, and Latin America, Counterpoint Research said in a new report.
During the period, global smartphone revenues grew 7% from the previous year, reaching the highest revenue ever recorded for the first calendar quarter. According to Counterpoint, the premium segment (>$800) contributed to this surge, comprising 18% of total shipments, a rise from the previous year.
Notably, Samsung (KS:005930) regained leadership in global smartphone shipments, bolstered by the early update of its Galaxy-A series and the success of the Galaxy S24 series, helping the South Korean tech giant to reach its highest-ever average selling price (ASP).
Its revenues increased by 2%, while Xiaomi exhibited the fastest revenue growth among the top five OEMs, fueled by robust market performance.
Apple (NASDAQ:AAPL), meanwhile, saw an 11% decline in revenue year-over-year, despite maintaining the largest share of market revenues at 43%.
“Tough competition in China, record low upgrades in the US and a difficult compare from last year due to iPhone 14 Pro’s supply shifting to Q1 2023 all weighed on iPhone performance,” said analysts at Counterpoint.
“However, there were upsides as well. An improved product mix with 15 Pro’s performing better than its predecessors, and an increasing footprint in emerging markets, helped Apple in arresting some of the declines,” they added.
“Emerging markets especially provide long term growth opportunities. We also expect the inclusion of GenAI later this year to contribute to iPhone upgrades.”
In the meantime, other brands like Huawei, HONOR, and Transsion also saw significant revenue increases, contributing to the market's overall growth.