Q4 2024 Market Performance
The fourth quarter of 2024 recorded a 2.6% year-over-year increase in global smartphone shipments, totaling 325.3 million units. This marks the fifth consecutive quarter of market recovery, although growth has softened to single digits in recent months. Wholesale revenue for the quarter reached US$120 billion, reflecting a 0.8% annual rise.
Market Leadership and Competition
The competitive landscape in Q4 2024 revealed several key trends:
- Apple led the market with a 23% share.
- Samsung followed with a 16% share.
- Xiaomi maintained its stronghold in the top three, alongside Transsion and vivo.
- Other notable players included OPPO (OnePlus), Honor, Lenovo-Motorola, Huawei, and realme.
Xiaomi notably showcased its market strength with positive annual growth, even as some competitors, including Samsung and Transsion, experienced declines in shipments.
Regional Market Dynamics
Market performance exhibited considerable variation across regions:
- Central and Latin America, Asia Pacific, and the African and Middle Eastern regions saw robust growth.
- Conversely, Central and Eastern Europe faced challenges due to ongoing geopolitical tensions.
- North America and Western Europe experienced slight declines, primarily due to prolonged replacement cycles.
Annual Market Overview
The entire year of 2024 demonstrated positive trends for the smartphone industry:
- Total shipments reached 1.2178 billion units, reflecting a 5.7% year-over-year growth.
- Wholesale sales amounted to US$408 billion, marking a 2.6% increase year-over-year.
- The Average Selling Price (ASP) stood at $335, down 3.0% year-over-year.
This comprehensive market performance underscores a strong smartphone sector, with Xiaomi playing a pivotal role in driving global growth and innovation.