Bogota, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego, Seoul, Taipei, Tokyo – June 12, 2024
Colombia’s Q1 2024 smartphone shipments grew 27% YoY, according to the latest report from Counterpoint Research’s Market Monitor service. Samsung lost nearly half of its market share YoY but still remained the market leader with a 22% share. Samsung was followed by Motorola and Xiaomi. Motorola grew the most by taking 60% share of the overall market growth to reach a 16% market share in Q1 2024. TECNO managed to enter the list of top five brands for the first time by taking a 10% market share in Q1 2024.
Commenting on the market dynamics, Research Analyst Andres Silva said, “This quarter’s YoY shipment growth reflects a base effect because the overall volume was quite low a year ago. Also, market concentration has eased in the country as new entrants like TECNO are gaining share even as recognized brands like Samsung are struggling. Carriers have also launched their 5G services and devices along the way. We see the Q1 2024 shipment volume as a sign of channel inventory build-up for Mother’s Day.”
In QoQ terms, smartphone shipments rose by 29%, surpassing the usual holiday season surge seen in Q4. The Colombian peso also steadied between 3,800 and 3,900 per US dollar, providing importers a more stable exchange rate. Simultaneously, inflation decreased as the central bank rate cuts started to impact the economy.
Key insights on top OEMs in Q1 2024:
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the technology, media and telecom (TMT) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
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