Xiaomi outpaced Apple and Samsung to become the fastest-growing smartphone maker of 2024. Meanwhile, market leaders Samsung and Apple experienced slight declines in their market share. Xiaomi’s growth stemmed from a strategic portfolio realignment, a focus on premium devices, and aggressive expansion efforts.
2024 marked a turnaround for smartphone makers after a challenging 2023, which recorded the lowest sales in a decade. Counterpoint Research reports a 4% growth in the smartphone market in 2024, signaling positive prospects for both consumers and manufacturers. A standout highlight from Counterpoint’s latest findings is the impressive growth trajectory of one smartphone maker in particular.
According to preliminary data from the research firm, Xiaomi has emerged as the fastest-growing smartphone manufacturer worldwide in 2024. The company’s global market share increased by one percentage point year-on-year, while rivals Apple and Samsung each experienced a decline of the same margin in their 2024 market shares.
Xiaomi’s growth is especially remarkable given its absence in the United States, one of the world’s largest smartphone markets. Instead, the Chinese brand has focused on aggressive expansion in regions such as Europe, Asia, and Africa. Counterpoint attributes Xiaomi’s growth to a strategic portfolio realignment, an emphasis on premium devices, and innovative marketing campaigns.
Samsung and Apple, the global leaders in the smartphone market, experienced flat performance in 2024. Samsung held onto its top spot with a 19% market share, driven by strong sales of the Galaxy S24 and Galaxy A series. Apple followed with an 18% market share, but the iPhone 16 series received a tepid response, and the limited availability of Apple Intelligence dampened enthusiasm, particularly in core markets like the US.
Looking ahead, Counterpoint Research anticipates that Generative AI will become a standard feature in mid-range smartphones. The firm projects that by 2028, 90% of smartphones priced above $250 will be equipped with GenAI capabilities.
