Global smartphone revenue hit a new high in the first quarter of 2024, led by Apple and higher sales in key regions around the world, a new study has shown.
Revenue in the industry jumped 7 per cent to reach its highest level for a March quarter, Counterpoint Research said in its quarterly update on Friday.
Counterpoint, however, did not provide estimates on the actual value of the revenue. Smartphone manufacturers typically do not report a breakdown of their sales. Apple's iPhone sales in the first quarter are estimated at around $69.7 billion, according to industry analysts.
Apple commanded 41 per cent of first-quarter revenue as it also posted its highest first-quarter average selling price of $900, up from $880 a year ago, it added.
Samsung Electronics came in at second with an 18 per cent share, followed by Xiaomi and Oppo, which includes the OnePlus brand, with 6 per cent each, and Vivo with 4 per cent. The four companies's ASPs were $336, $159, $257 and $211, respectively.
While Apple faced headwinds such as tough competition in China, record-low upgrades in the US and supply chain challenges, "an improved product mix" coupled with the iPhone 15 Pro's strong performance helped the company, Jeff Fieldhack, a research director at Hong Kong-based Counterpoint, wrote in the report.
These allowed Apple to boost its footprint in emerging markets, "arresting some of the declines", citing these regions provide long-term growth opportunities.
In addition, the expected inclusion of generative artificial intelligence technology into the next iPhones is seen to influence more users to upgrade, Mr Fieldhack said. Apple is widely anticipated to reveal its plans for generative AI at its Worldwide Developers Conference in June.
Smartphone shipments, meanwhile, grew 6 per cent annually to reach about 296.9 million units in the three months ended March, the Counterpoint study said.
Seoul-based Samsung was driven by both the strong performance of its latest flagship Galaxy S24 series and a refresh of its mid-tier Galaxy A line-up, which in turn helped the company achieve its highest-ever ASP during the quarter.
The South Korean company was also able to recapture the top spot from the iPhone maker in terms of units shipped in the three-month period, accounting for 20 per cent of global shipments, the report found.
California-based Apple, slid to second place with a 17 per cent market share, followed by Xiaomi (14 per cent), Oppo (8 per cent) and Vivo (7 per cent).
The overall shipment growth was underpinned by strong performances in Europe, the Middle East and Africa, and the Caribbean and Latin America, Counterpoint said.
The MEA region, in particular, was the fastest growing due to robust shipments of Xiaomi, Huawei's former sub-brand Honor and Tecno, part of Transsion Group that also owns the Infinix and Itel brands.
Along with Central and Eastern Europe, "consumer demand in these markets has been growing gradually and the inventory levels have improved", Prachir Singh, a senior analyst at Counterpoint, said in the report.
China and India, the world's two biggest smartphone markets, also posted year-on-year growth, while the mature markets of North America and Japan declined, the study said.
Smartphones are the most popular consumer electronics devices. The industry has slowed down in the past two years due to several factors, including supply chain issues, high inflation and consumers holding off on upgrading their devices.
However, the upturn is being fuelled by the growth of emerging market economies, a resurgence in consumer spending, an increase in average selling prices and the swift integration of generative AI devices.
"Thanks to the increasing premiumisation, revenue are growing faster than shipments. Further, the shipment growth is being driven by emerging markets," Tarun Pathak, a research director at Counterpoint, wrote in an email.
"The premiumisation trend is likely to persist, especially with the rise of newer form factors such as foldables and capabilities such as generative AI."
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Afghanistan fixtures
v Australia, today
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UAE currency: the story behind the money in your pockets
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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ON THEIR WAY OUT?
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ON THEIR WAY IN?
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Liverpool v Roma When: April 24, 10.45pm kick-off (UAE) Where: Anfield, Liverpool Live: BeIN Sports HD Second leg: May 2, Stadio Olimpico, Rome
MATCH INFO
Karnataka Tuskers 110-5 (10 ovs)
Tharanga 48, Shafiq 34, Rampaul 2-16
Delhi Bulls 91-8 (10 ovs)
Mathews 31, Rimmington 3-28
Karnataka Tuskers win by 19 runs
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Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
More than 2.2 million Indian tourists arrived in UAE in 2023 More than 3.5 million Indians reside in UAE Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
We are bringing you the inside story from the World Economic Forum's Annual Meeting in Davos, a gathering of hundreds of world leaders, top executives and billionaires.
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
Daniella Weiss and Nachala Described as 'the grandmother of the settler movement', she has encouraged the expansion of settlements for decades. The 79 year old leads radical settler movement Nachala, whose aim is for Israel to annex Gaza and the occupied West Bank, where it helps settlers built outposts.
Harel Libi & Libi Construction and Infrastructure Libi has been involved in threatening and perpetuating acts of aggression and violence against Palestinians. His firm has provided logistical and financial support for the establishment of illegal outposts.
Zohar Sabah Runs a settler outpost named Zohar’s Farm and has previously faced charges of violence against Palestinians. He was indicted by Israel’s State Attorney’s Office in September for allegedly participating in a violent attack against Palestinians and activists in the West Bank village of Muarrajat.
Coco’s Farm and Neria’s Farm These are illegal outposts in the West Bank, which are at the vanguard of the settler movement. According to the UK, they are associated with people who have been involved in enabling, inciting, promoting or providing support for activities that amount to “serious abuse”.
