In the second quarter of 2024, Apple experienced a big growth in Latin America’s smartphone market. According to Counterpoint’s Market Monitor report, Apple’s shipments surged by 44% compared to the same period in 2023. This performance is largely because of Apple’s aggressive pricing strategies for its locally assembled models, particularly in Brazil, where the main growth was seen.
Apple’s focus on Brazil, alongside Mexico, has been important in growing its market share in the region. The company has used competitive pricing to make its products more accessible, especially its Pro models.
Globally, Apple maintained its stronghold in revenue, capturing a 42% share, even as its shipment growth remained marginal. The global smartphone market itself grew by 8% year-over-year, reaching 289.1 million units in Q2 2024.
To quickly summarise:
- The global smartphone market grew by 8% YoY to reach 289.1 million unit shipments in Q2 2024.
- Samsung retained the top position globally, accounting for 19% shipment share.
- Apple’s shipments registered marginal growth in Q2 2024, however, it led the revenues with 42% share.
- Among the top five OEMs, Xiaomi grew the fastest, registering 27% YoY shipment growth.
- Global smartphone revenues also grew 8% YoY, while the ASP reached the highest level for a second quarter.
As Latin America continues to lead in shipment growth, Apple’s success in the region underscores the effectiveness of its pricing strategies and its ability to adapt to changing market dynamics, positioning it well for continued growth in the coming quarters.
As seen at Apple World Today.