The global smartphone market saw a significant recovery in Q3 2024, with shipments reaching 309.9 million units, marking a 5% year-on-year growth. This surge represents the strongest Q3 performance since 2021. According to a detailed report by Canalys, the growth was driven by aggressive product launches, strong value propositions, and robust consumer sentiment.
Key Highlights of Q3 2024 Smartphone Market
- Samsung retained its market leadership with 57.5 million shipments (19% market share).
- Apple followed closely, achieving record Q3 shipments of 54.5 million units (18% market share), buoyed by the iPhone 16 series.
- Xiaomi, OPPO, and vivo rounded out the top five, collectively contributing to significant market growth.
Global Smartphone Market Overview
| Vendor | Q3 2024 Shipments (million) | Market Share (Q3 2024) | Q3 2023 Shipments (million) | Market Share (Q3 2023) | Annual Growth (%) |
|---|---|---|---|---|---|
| Samsung | 57.5 | 19% | 58.6 | 20% | -2% |
| Apple | 54.5 | 18% | 50.0 | 17% | 9% |
| Xiaomi | 42.8 | 14% | 41.5 | 14% | 3% |
| OPPO | 28.6 | 9% | 26.4 | 9% | 8% |
| vivo | 27.2 | 9% | 22.0 | 7% | 24% |
| Others | 99.4 | 32% | 95.9 | 33% | 4% |
| Total | 309.9 | 100% | 294.6 | 100% | 5% |
Source: Canalys Smartphone Analysis (Q3 2024)
Performance of Key Players
Samsung
Samsung maintained its lead with 57.5 million shipments, although its market share dropped slightly to 19%. The company focused on a streamlined entry-level lineup, addressing consumer demands for affordability and reliability.
Apple
Apple experienced an impressive 9% annual growth, recording 54.5 million shipments. The iPhone 16 series, with its improved hardware parity across base and Pro models, saw robust demand, especially in emerging markets. Production diversification in India played a critical role, enabling quicker pre-order fulfillment and competitive pricing.
Xiaomi, OPPO, and vivo
- Xiaomi capitalized on its strong open-market presence and strategic inventory positioning, achieving 42.8 million shipments and a 14% market share.
- OPPO’s rebranded A3 series in the $100–$200 segment drove 30% YoY growth in Southeast Asia.
- vivo outpaced competitors with a 24% YoY growth, expanding its V40 series to cater to diverse mid-range consumer needs.
Regional Insights
- Emerging Markets: Southeast Asia and Latin America experienced notable growth, supported by price competition and channel incentives.
- Mature Markets: Premium segment growth was driven by AI-powered differentiation, especially in the US, China, and Western Europe.
Challenges and Future Trends
- Rising Component Costs: Brands face profitability challenges in the low-end segment.
- Channel Saturation: Inventory management remains crucial for long-term success.
- Focus on AI Integration: Vendors are increasingly relying on AI-powered features to differentiate their offerings in the premium segment.
Looking Ahead
The global smartphone market is poised for a steady recovery into 2025. Canalys anticipates that mid-range and premium segments will drive growth as brands innovate with AI capabilities and optimize supply cha
