The global smartphone market has weathered its lowest sales in a decade but is starting to recover in 2024. According to Counterpoint Research, the industry grew by 4% yearly, illustrating renewed consumer demand. The standout performer among the top players is Xiaomi, which has outperformed both Samsung and Apple in market share growth.
Xiaomi’s Winning Formula
In 2024, Xiaomi increased its global market share by one percentage point year over year and became the fastest-growing smartphone brand among the top five. Instead, Samsung and Apple saw their shares drop by the same amount. Xiaomi’s rise is compelling because it accomplished this level of growth without entering the U.S. market.
Xiaomi has worked to reinforce its foothold in Asia, Africa, and Europe. Revamping the whole product line and offering premium devices is very clever, and the creative marketing is working handsomely.
Samsung and Apple Hold Steady
However, even though Xiaomi grew, Samsung and Apple remained the global market leaders. Samsung remains at 19% of the market, thanks to strong demand for its Galaxy S24 and A-series smartphones. Meanwhile, Apple, with 18%, had a mixed year. Initial reactions to the first launch of the iPhone 16 were dampened by delays in introducing the Apple Intelligence features. Apple’s growth continued in emerging markets such as Latin America, Africa, and Asia Pacific.
Generative AI: The Next Big Thing
Gen AI has been one of the biggest defining trends of 2024, and smartphones have joined the party. Gen AI is available now on premium devices but will become a mainstream feature by 2028. However, Counterpoint Research reports that most smartphones sold for more than $250 will have Gen AI features incorporated within four years, displacing the entire mid-segment.
Other Players Make a Difference
Other than the top three, OPPO remained the fourth-largest smartphone brand. It fell slightly year over year but showed signs of recovery at the end of 2024. Strong sales in India and China helped Vivo, fifth in the rankings, become China’s top original equipment manufacturer (OEM).
The emerging brands also made many people sit up and take notice. One of the fastest-growing OEMs in the top 10, Motorola led with its innovative devices and economical pricing. Market vibrancy aside, Honor and Huawei were on a resurgence that went a long way toward challenging the established players.
Looking Ahead
The smartphone market’s recovery next year marks the beginning of the end of years of stagnation. Apple and Samsung continue to dominate but make way for Xiaomi’s rise, inspired by strategic innovation and market expansion. Gen AI is another one of those technologies. As its accessibility increases, further evolution is expected in the industry, and exciting developments will occur in the forthcoming years.
Currently, competition is fierce, and the winners will be those who can quickly adapt to changing consumer demands and technological advances.
Ethan Cole is a tech aficionado dedicated to exploring the latest innovations and gadgets, providing reviews and insights to keep you updated in the tech world.
