The global smartphone market grew in the first quarter of 2024, with shipments reaching 296.9 million units, a 6% increase year-over-year. However, leadership changed as Samsung dethroned Apple to become the world’s leading smartphone vendor.
Samsung captured a 20% market share with 59.4 million units shipped, while Apple’s shipments declined 13% YoY to 50.5 million units, resulting in a 17% market share. Storage upgrades also help Apple to maintain strong revenue despite flat iPhone sales.
BUT
Despite the shipment decline, Apple achieved a record-high average selling price (ASP) for the first quarter, thanks to the strong sales of the iPhone 15 Pro models. This is a clear indicator of the fact that consumers are opting for higher-end iPhones, even if they purchase fewer overall.
Apple’s iPhones continued to dominate the best-selling smartphone list globally, claiming half of the top 10 spots.
Among other major players, Xiaomi had the fastest growth, with a huge 34% increase in year-over-year shipments, reaching a total of 41.6 million units in Q1 2024. This puts Xiaomi in third place with a 14% market share.
The positive trend extended to smartphone revenue as well, with a global increase of 7% YoY, reaching its highest level ever for the first quarter.
The final ranking for Q1 2024 smartphone vendor market share is as follows:
- Samsung: 20%
- Apple: 17%
- Xiaomi: 14%
- OPPO: 8%
- vivo: 7%
Overall, while Apple’s shipment numbers dipped, its focus on high-end models ensured its revenue remained strong. It will be interesting to see how the upcoming quarters unfold, especially with rumors of Apple introducing features like generative AI in its next iPhones in a partnership with OpenAI. We’ll get to know more at the upcoming WWDC.
One more thing before we finish: It is rumored that the on-device AI will need newer iPhones, which could further increase iPhone sales this year.