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Bogota, Beijing, Boston, Buenos Aires, Hong Kong, London, New Delhi, San Diego, Seoul – February 27, 2024
Colombia’s smartphone shipments declined 8.4% YoY in Q4 2023 and 19% YoY in 2023 to reach the worst Q4 and annual volumes since 2020, according to the latest research from Counterpoint’s Market Monitor. Some Chinese OEMs are gaining market share in the country, especially HONOR and OPPO. Besides, Motorola gained 100 basis points YoY, while Apple gained 200 basis points YoY.
Commenting on the market dynamics, Senior Research Analyst Tina Lu said, “Colombia was hit hard by macroeconomic turbulence and its economy grew half of what was expected, with the GDP only 0.6% higher in 2023. On a positive note, inflation closed the year in single digits. However, there are potential upside risks for 2024, like El Nino and the rise in fuel prices. Despite the economic struggle, demand is slightly resilient as some OEMs continue to increase promotions. Also, the 5G spectrum auction that occurred in December can become a driver for the market as customers want to experience the new technology. Colombia’s 5G penetration currently stands at 11%.”
Source: Counterpoint Research Q4 2023 Market Monitor
Note: Numbers may not add to 100% due to rounding
Commenting on OEM performance, Research Analyst Andres Silva said, “Samsung suffered the most in the low-end segment in 2023. Consequently, its promotional activities were focused on other devices like the Galaxy A34 and Galaxy A24, both from the price band just above the low-end segment. Xiaomi doubled its market share to 20% in Q4 driven by a strategy under which its most promoted device in the open market was the Redmi Note 12, while in carriers it was the Redmi 10C. HONOR jumped 225% YoY by focusing on the marketing of its smartphones through sponsorship of events where the attendees are younger and more tech-savvy. HONOR’s market share of 7% put the brand in the fourth spot in Q4. But for the full year, OPPO took the fourth spot despite HONOR showing 2x growth.”
Source: Counterpoint Research Q4 2023 Market Monitor
Note: Numbers may not add to 100% due to rounding
Other brand insights
Looking at 2024, Counterpoint expects a single-digit increase in smartphone TAM. Chinese brands will continue their quest to increase market share. As a result, incumbents like Motorola and Samsung will come under extra pressure in the market.
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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