Apple’s performance in the Indian market has grown significantly in recent years, and from a revenue perspective, Apple’s annual sales in India have reached a record of nearly $8 billion, up 33 percent year-over-year. In terms of market share, Apple has also increased its share of the Indian smartphone market, which is still dominated by cheaper Chinese devices using Google’s Android mobile operating system, with iPhones accounting for only about 3.5 percent of the roughly 690 million smartphones in use in India, according to Counterpoint Research.
Although India is one of Apple’s fastest-growing markets, it accounted for only about 2 percent of Apple’s $383 billion in sales in its most recent fiscal year.
The latest data from market researcher Counterpoint Research reports that Apple ranked second in the world for smartphones in Q2 2024 with 16% market share, with Samsung in first place with 20% market share. It was followed by Xiaomi (14%), Vivo (8%) and OPPO (8%).
Counterpoint Research reports that global smartphone sales grew 6% year-on-year in 2024Q2, the highest year-on-year growth rate in nearly three years. This is the third consecutive quarter of growth for the market.
According to the latest research from Canalys, Samsung continues to be the global leader with 18% market share in 2024Q2, while Apple is ranked second with 16% market share. Xiaomi ranked third with 15 percent market share, with an annual growth rate of 27 percent, the fastest among these five vendors. vivo ranked fourth globally with 9 percent market share. Transsion ranked fifth this quarter, also with a 9% market share.
Canalys reported that the global smartphone market grew year-on-year for the third consecutive quarter, with shipments increasing 12% YoY to 288 million units in Q2 2024.
According to analysts at Counterpoint Research, “The growth in smartphone sales over the past three quarters is good news for the industry. We are seeing a number of features such as CMF (color-material-finish), high-megapixel cameras, and 5G increasingly making their way into lower price ranges, which is expected to further fuel demand. We remain optimistic for the coming quarters and expect the market to grow by 4% in 2024.”
“The global smartphone market has entered a new era – slow and steady volume growth driven primarily by replacement cycles is now a zero-sum game among OEMs. We expect smartphone sales to grow slowly over the next few years, but we expect revenue to grow faster than sales, driven by premiumization across regions, especially with the rise of new form factors and features such as foldable phones and GenAI.”
Both Samsung and Apple are rapidly advancing their premium product strategies with a focus on GenAI features. Samsung recently launched the Galaxy Z Fold6 and Flip6 series, building on the AI capabilities first introduced with the Galaxy S24 to deliver an enhanced experience with its latest foldable devices.
Strong year-over-year growth in Europe and Latin America compensated for declines in the U.S. and China, and Apple’s promotions during the 618 shopping festival also led to improved sales in China. In the second half of the year, the new iPhone with Apple Intelligence is expected to drive demand for upgrades from Apple.
Agency reports all point to Xiaomi as the fastest-growing of the five handset brand names in 2024Q2, with Counterpoint Research saying the popularity of the Redmi 13 and Note 13 series, combined with a leaner portfolio and a stronger premium strategy, helped Xiaomi net about 2 percent share gains year-over-year in the second quarter.
