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2024 was finally a good year for smartphone makers following a rough 2023, which saw the lowest phone sales in a decade. According to Counterpoint Research, the smartphone market actually grew by 4% in 2024 compared to the previous year, which is a positive sign for both buyers and phone makers. One of the key highlights from Counterpoint’s latest report is the fantastic growth journey one particular smartphone maker has been having.
Per the research firm’s preliminary calculations, Xiaomi has claimed the title of the fastest-growing smartphone manufacturer globally in 2024. The company’s year-on-year (YoY) global market share increased by one percentage point, setting it apart from rivals Apple and Samsung, both of which saw their 2024 smartphone market shares dip by the same margin.
What makes Xiaomi’s growth particularly noteworthy is its lack of presence in the United States, one of the world’s largest smartphone markets. Instead, the Chinese brand has focused on expanding aggressively in regions like Europe, Asia, and Africa. Counterpoint says a strategic portfolio realignment, a push into more premium devices, and innovative marketing campaigns have also helped Xiaomi achieve its latest growth numbers.
Meanwhile, Samsung and Apple, which dominate the global smartphone market position, recorded strong functionality in 2024. Samsung maintained its most sensible position with a market share of 19%, thanks to the robust functionality of the Galaxy S24 and Galaxy A series. Apple is in second place with a market share of 18%. The iPhone 16 series got a lukewarm reception according to Counterpoint. The limited availability of Apple Intelligence has also dampened customer enthusiasm in Apple’s major market positions, such as the United States.
Beyond 2024, Counterpoint Research believes that generative AI will be suitable for mid-range phones. The company predicts that by 2028, nine out of ten smartphones priced above $250 will be compatible with GenAI.