New Delhi – The global smartphone market has experienced a promising turnaround, recording a 2% growth in the July-September period, marking the first year-on-year increase in the third quarter since Q3 2018. This growth is largely attributed to Apple's strategic early launch of the iPhone 16, which helped it secure the position of the biggest smartphone brand in September, according to a report released by Counterpoint Research on Tuesday. This development represents the smartphone market's fourth consecutive quarter of growth, signaling a positive trend in recovery following a decade-low sales slump.
According to the report, Apple’s sales edged up by 1% in Q3, consolidating its status as the leading global brand despite the iPhone 16 series experiencing flat sales initially. “Consumer sentiment has improved significantly compared to last year, positively impacting the market,” stated Tarun Pathak, Research Director at Counterpoint. Western Europe, Latin America, and Japan are among the regions that have shown notable recovery, all achieving double-digit year-on-year growth figures in Q3. The analysis indicates that the smartphone market has stabilized in 2024, with all major players benefiting from the recovery.
Samsung and Apple continue to dominate the landscape, holding the top two positions with Samsung leading the market at a 19% share, driven by sustained demand for its A-series and the successful launch of the S24 series. Despite a slowing growth trajectory in smartphone sales volumes—attributed to longer holding periods and a maturing customer base—consumers are spending more than ever on new devices.
The report highlights that one in four consumers purchasing a smartphone in 2024 is expected to spend over $600, a segment where emerging technologies such as Generative AI are poised to make a significant impact. With this upward momentum, the smartphone industry appears to be on a path toward sustainable growth, driven by consumer demand for advanced features and higher-quality devices. As the market adapts and evolves, the role of technological advancements will become increasingly crucial in shaping consumer purchasing decisions.