Q2 global smartphone sales increased, and global smartphones ushered in a recovery

According to the latest research by Canalys, Samsung continued to maintain its global leadership with an 18% market share in 2024Q2, and Apple ranked second with a market share of 16%. Xiaomi ranked third with a market share of 15%, with an annual growth rate of 27%, the fastest growth among the five major manufacturers. Vivo ranked fourth in the world with a market share of 9%. Oppo ranked fifth this quarter with a market share of 9%. 

The Canalys report shows that the global smartphone market has grown year-on-year for three consecutive quarters, with shipments in the second quarter of 2024 increasing by 12% month-on-month to 288 million units. Some analysts predict that the global smartphone market has entered a new era - slow and steady sales growth driven mainly by replacement cycles, and now a zero-sum game between OEMs. We expect smartphone sales to grow slowly in the next few years, but we expect revenue growth to be faster than sales growth, driven by high-endization in various regions, especially with the rise of new forms and features such as foldable phones and GenAI.

Both Samsung and Apple are rapidly advancing their high-end product strategies and focusing on GenAI features. Samsung recently launched the Galaxy Z Fold6 and Flip6 series, building on the AI features first introduced on the Galaxy S24 to deliver an enhanced experience on its latest foldable devices.