LATAM’s Q1 2024 Smartphone Shipments Record Highest YoY Growth in World

  • LATAM’s smartphone shipments were up 21.9% YoY and 12% QoQ in Q1 to reach the highest level since Q4 2021.
  • Samsung remained the market leader with a 31% share, but its shipments declined 8.5% YoY.
  • Motorola saw its highest shipments since Q4 2021 to hold strong in the second spot with a 21% share.
  • Xiaomi took the third spot, with its shipments growing 41.2% YoY.

Buenos Aires, Beijing, Fort Collins, Hong Kong, London, New Delhi, San Diego, Seoul, Tokyo – May 27, 2024

LATAM’s smartphone shipments increased 21.9% YoY and 12% QoQ in Q1 2024 to reach the highest level since Q4 2021 and the highest YoY growth among all regions, according to Counterpoint’s latest Market Monitor report. This was also the third consecutive quarter to record a YoY rise. This is a strong sign of market recovery.

Commenting on the market dynamics, Senior Research Analyst Tina Lu said, “Part of the growth was due to the sell-in declining in most markets in Q1 2023 to clear inventory, while in Q1 2024, operators and retailers were building inventory for Mother’s Day. Demand for smartphones was also fueled by the Chinese OEMs increasingly getting aggressive with their promotions for 4G models and price discounts. All this defied the traditional seasonality and showed that the region’s sales channels were confident enough about the demand to build some inventory.

Mexico and Venezuela led the shipment growth. But most of the other markets also grew YoY in double digits. Only Argentina’s market dropped by 62%, affected by a severe economic crisis. With assembly plants in the country laying off employees, this market would continue to be soft for the first three quarters of 2024. This will principally affect Samsung and Motorola. The grey market in the region continued to grow, fueled by high import duties in many countries.”

LATAM Smartphone Shipments, Q1 2024 vs Q1 2023

Key insights on top-selling brands during Q1 2024

  • Samsung’s shipments declined 8.5% YoY but increased 12.9% QoQ. The brand remained the market leader with a 31% share. Xiaomi and HONOR squeezed Samsung, especially in the $100-$249 price band. Samsung has been advertising extensively its GenAI capabilities in a few key countries. This has helped it to build its branding.
  • Motorola’s volume increased by 31% YoY, as its shipments during the same quarter last year were heavily impacted by retailers reducing inventory. In Q1 2024, the brand saw its highest shipments since Q4 2021.
  • Xiaomi’s shipments increased by 41.2% YoY but grew by only 11.5% QoQ. The brand is growing by offering better 4G specs. It is also increasingly gaining support in the grey market in Brazil and smaller South American countries. Argentina’s grey market also expanded following the stoppage of local manufacturing between December 2023 and February 2024.
  • HONOR’s shipments surged by 211.5% YoY. This brand entered the region two years ago and is already among the top five for the third consecutive quarter. Mexico is its most important market in terms of volume, but Peru is its most important market in terms of share. HONOR along with Xiaomi was the Peruvian market leader in Q1 2024.
  • Samsung, Apple and Motorola are portraying themselves as leaders in 5G technology in LATAM.


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.

Follow Counterpoint Research


Related Posts

Counterpoint Research Newsletter

Receive our densely curated weekly email with fresh insights at the intersection of technology, media and telecommunication. Subscribe to never miss an update!

Please enter your email address below.

Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customized work on the above topics is provided for high precision projects.

Term of Use and Privacy Policy

Counterpoint Technology Market Research Limited


In order to access Counterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal Information When you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time. In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information: While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links: This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.