Chart of the Day: Xiaomi Wins as Global Smartphone Market Recovers

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Xiaomi Corp. was the fastest-growing brand among the world’s five biggest smartphone vendors in the second quarter of 2024, with its sales surging 22% year-on-year, as the global smartphone market continues to recover, according to a new report.

In the three months through June, Xiaomi grew its share of the global smartphone market to 14% from 12% in the same period of last year, retaining its position as the world’s No. 3 smartphone seller, according to a report published by Counterpoint Research Monday.

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Xiaomi's sales surged 22% year-on-year in Q2 2024, increasing its global market share to 14%, remaining the third-largest smartphone vendor.
Samsung and Apple held the top two positions with 20% and 16% market share, respectively; Vivo and Oppo followed with 8% each.
The global smartphone market grew 6% year-on-year, with the top five vendors' combined share declining to 66% due to rising competition.

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Who’s Who

Xiaomi Corp.: In Q2 2024, Xiaomi Corp. saw a 22% year-on-year increase in sales, becoming the fastest-growing brand among the world's top five smartphone vendors. Its market share rose to 14% from 12%, retaining its No. 3 position globally. This growth was driven by the popularity of its Redmi 13 and Note 13 series and a focus on premium models.

Vivo Mobile Communications Co. Ltd.: Vivo Mobile Communications Co. Ltd. ranked as the world’s fourth-largest smartphone seller in Q2 2024, holding an 8% global market share. The company notably led sales in China and India, the two largest smartphone markets.

Oppo Co. Ltd.: Oppo Co. Ltd. ranked as the world's fifth-largest smartphone seller in the second quarter of 2024, holding an 8% global market share. The company’s strategy to launch more upscale products aims to improve its long-term profitability despite facing short-term market share challenges.

Samsung Electronics Co. Ltd.: Samsung Electronics Co. Ltd. secured the top spot in the global smartphone market in the second quarter of 2024, controlling 20% of the market. Despite the increased competition, Samsung retained its position, contributing to the overall 6% year-on-year growth in global smartphone sales.

Apple Inc.: Apple Inc. secured the second spot in the global smartphone market with a 16% share in the second quarter of 2024. The overall growth in the market, coupled with rising competition from other brands, indicates intense market dynamics. Despite these challenges, Apple maintained a strong position among the top vendors.

Huawei Technologies Co. Ltd.: The article mentions that Huawei Technologies Co. Ltd. has made significant gains in China, contributing to the rising competition in the global smartphone market. This competition is causing a decline in the market share of the top five smartphone vendors.

Honor Device Co. Ltd.: Honor Device Co. Ltd. has expanded into more regions, contributing to the rising competition in the global smartphone market. This expansion helped contribute to the top five vendors' combined market share declining from 68% to 66% year-on-year in the second quarter of 2024.

Motorola Mobility LLC: Motorola Mobility LLC has gained momentum quickly across almost all regions. The company's efforts have contributed to the global smartphone market's competitive landscape, as highlighted by Counterpoint Research in the report. Despite not being in the top five, Motorola's rising presence is noteworthy.

Shenzhen Transsion Holdings Co. Ltd.: The article briefly mentions Shenzhen Transsion Holdings Co. Ltd. as one of the competitors contributing to the decline in market share of the top five smartphone vendors. However, it does not provide specific details about Transsion’s performance or strategies.

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What Happened When

The second quarter of 2024：: Xiaomi Corp. was the fastest-growing brand among the world’s five biggest smartphone vendors with its sales surging 22% year-on-year.

The second quarter of 2024：: Xiaomi grew its share of the global smartphone market to 14% from 12% in the same period of last year.

The second quarter of 2024：: Vivo Mobile Communications Co. Ltd. ranked as the world’s fourth-largest smartphone seller with a global market share of 8%, taking the sales crown in China and India.

The second quarter of 2024：: Oppo Co. Ltd. took the fifth spot with a global market share rounding up to 8%.

The second quarter of 2024：: Samsung Electronics Co. Ltd. and Apple Inc. controlled 20% and 16% of the global smartphone market, respectively.

The second quarter of 2024：: Global smartphone sales grew 6% year-on-year, the highest growth since the second quarter of 2021, marking the third straight quarter of year-on-year sales growth.

The second quarter of 2024：: The top five smartphone vendors held a combined global market share of 66%, down from 68% a year ago, due to rising competition from other players including Huawei, Honor, Motorola, and Transsion.