Samsung Surpasses Apple as Top Global Smartphone Brand

Reports from the first quarter of 2024 indicate a significant shift in the global smartphone market with a 6% year-over-year increase in shipments. This growth is attributed to strong sales in various regions, including Europe, the Middle East, Africa, and Latin America.

Additionally, the first quarter saw a 7% year-over-year rise in global smartphone revenues, marking the highest revenue for this period on record. The premium segment (smartphones priced above $800) significantly contributed to this increase by accounting for 18% of the total shipments, reflecting a noteworthy rise compared to the previous year.

Samsung has reclaimed its position as the leader in global smartphone shipments, thanks in part to strategic updates to its Galaxy-A series and the successful launch of the Galaxy S24 series. These factors have helped Samsung achieve its highest average selling price to date.

Although Samsung's revenues increased by 2%, Xiaomi demonstrated the most rapid revenue growth among the top five smartphone manufacturers, powered by strong market performance.

In contrast, Apple experienced an 11% decrease in revenue year-over-year, despite still holding the majority of the market's revenue share at 43%. Analysts attribute the decline in Apple's performance to intense competition in China, historically low upgrade rates in the US, and tough year-over-year comparisons due to a shift in iPhone 14 Pro supply to the first quarter of the previous year.

Counterpoint analysts also pointed out positive developments for Apple, including a more favorable product mix with the iPhone 15 Pro outperforming its predecessors, and increasing market presence in emerging economies, contributing to Apple's effort in mitigating decline.

Analysts anticipate growth opportunities in emerging markets to be beneficial in the long run. They also forecast that the introduction of 'GenAI' later this year will likely drive iPhone upgrades.

Other notable mentions in the smartphone market include Huawei, HONOR, and Transsion, which saw significant revenue spikes, further bolstering the market's overall growth momentum.

Samsung, Apple, Smartphones