Global smartphone shipments grew by 8% year-over-year in Q2 2024, marking the third consecutive quarter of growth. This rise is attributed to improved consumer sentiment and better macroeconomic conditions across regions, with the Caribbean and Latin America leading in growth due to Chinese OEMs’ aggressive push. Europe, Asia Pacific, and China also saw significant increases, while India experienced a slight decline.
Global smartphone revenues also rose by 8% YoY, with Apple leading with a 42% revenue share despite a slight decline in iPhone sales. Samsung led in shipments, driven by the Galaxy A-series and S24 series, and Xiaomi was the fastest-growing brand. Huawei, HONOR, Motorola, and Transsion also saw significant gains.
The premium smartphone segment continues to grow, and AI integration in smartphones is expected to boost average selling prices and revenues further. The share of generative AI-equipped smartphones is projected to reach 18% by 2024.
