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US Smartphone Shipments Decline YoY for Sixth Consecutive Quarter

US smartphone shipments declined 8% YoY in Q1 2024, the sixth consecutive quarter showing a YoY decline.
Samsung’s market share grew to 31%, its highest Q1 share since Q1 2020.
Apple’s market share remained flat at 52% in Q1 2024.
Low-end shipments declined as carriers pushed for deeper 5G smartphone penetration.

Boston, Fort Collins, San Diego, Beijing, Buenos Aires, Hong Kong, London, New Delhi, Seoul – May 9, 2024

US smartphone shipments declined 8% YoY in Q1 2024, according to Counterpoint Research’s Market Monitor data. This was primarily due to stronger Q1 2023 shipments following COVID-19-related factory closures that pushed Apple shipments from Q4 2022 into Q1 of last year. The sub-$300 segment saw continued declines due to weakness in the prepaid market, with carriers pushing for 5G smartphone SKUs, causing some OEMs to pull away from the market.

“Carriers saw declining upgrade rates and equipment revenues again in Q1 2024, showcasing the continued weak demand for smartphones in the market. Shipments were down YoY, with most of the decline being driven by an unfavorable YoY comparison due to iPhone 14 Pro and Pro Max launch quarter shipments being realized in Q1 2023,” said Jeff Fieldhack, Counterpoint’s Research Director for North America. “However, Apple maintained a healthy market share of 52% in the quarter as sub-$300 Android shipments saw declines.”

Note: Figures may not add up to 100% due to rounding

On Android shipments, Senior Analyst Maurice Klaehne said, “Overall Android shipments decreased YoY, with the market’s low end continuing to see consolidation and decreasing new product launches due to LTE devices being phased out in favor of 5G models in carrier channels. The added costs of 5G connectivity make it challenging for OEMs to compete in the low-end space. A bright spot in the market was Samsung, which grew shipments YoY with the earlier launch of the S24 series. It was Samsung’s best Q1 in four years as the brand grew its market share to 31%, the highest since Q1 2020. There was strong demand from older Samsung users looking to upgrade to a new device.”

Commenting on the outlook for the remainder of 2024, Associate Director Hanish Bhatia said, “Q1 was the sixth consecutive quarter of YoY shipment declines and signs are that a recovery in the market has been postponed to at least Q3, when new device launches can stimulate demand. There will be seasonal growth drivers in Q3 and Q4 with the holidays and new product launches, especially if we see a strong push for GenAI features in new iPhones. Looking ahead, 2024 may remain a challenging year for OEMs given how upgrade rates have continued to remain low against the backdrop of macroeconomic headwinds triggered by high interest rates.”

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) 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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GlobalFoundries’ Q1 2024 Revenue Down 16% YoY, Decline Limited by Automotive Growth

Allocation of manufacturing capacity to diversify footprint targeted to markets such as automotive and premium smart mobile applications.
Higher volumes and ramp-up of GF’s designs at key customers to drive sequential growth.
Premium smart mobile applications and automotive segment to drive QoQ growth in 2024.

GlobalFoundries’ (GF) revenue fell 16% YoY in Q1 2024 to reach $1.5 billion, hurt by weak demand in the Communications Infrastructure and Data Centre, and lower-end Consumer and Home Electronics segments. Revenue was also constrained by weak global macroeconomic conditions, geopolitical instability and elevated inventory levels. However, the decline in revenue was limited by higher ASPs, premium tier mix growth, continued content growth and value capture in 5G RF front-end content along with strong growth in the Automotive segment.

Commenting on GF’s funding and innovation, CEO Thomas Caulfield said, “As pockets of the semiconductor industry begin to emerge from the inventory correction, GlobalFoundries is driving foundry innovation and differentiation for customers across their essential end-markets.”

Caulfield further added that GF has received awards from both the US Department of Commerce and New York State to expand manufacturing capability in the US, which will complement the company’s unique global capacity offering.

Senior Analyst Ashwath Rao said, “The funding will help expand GF’s existing fab by adding critical technologies and will be utilized to construct a new facility to meet customer demand for US-made essential chips across a broad range of markets and applications including automotive, aerospace, defense, and AI. Further, the investments will aid GF in modernizing and expanding its manufacturing capacity and leverage the site’s existing infrastructure and ecosystem, enabling a fast and efficient path from construction to production.”

Caulfield added, “GF has accelerated diversification in the last five to six years and made sure each global site has a diversification not just having a global footprint but also a broad range of technologies so that customers can source globally and locally and ensure GFs facilities stay full. The rate and pace of new LTAs have slowed down in certain end markets as customers are working through inventory in the channels.”

Rao added, “Prioritizing diversification of the manufacturing footprint through accelerated transfer of technology will offer customers more choices across multiple markets and enable broader market participation. Enabling customers to source globally and locally will help GF facilities to remain fully utilized, driving revenue growth in the long-term. LTAs are an important feature of GF’s business model which provides a level of certainty of both supply and demand, durability, and greater visibility and profitability in a difficult market backdrop.”

In the long term, infrastructure changes in the data center, especially the increased adoption of silicon photonics solutions for GPUs, NPUs, and CPUs will drive substantial growth in communications and data center revenues. With power delivery for data centers becoming important, GF’s 12 nm and BCD technology and the addition of GaN manufacturing into the fab’s capabilities will further boost the company’s leadership competencies in making chips for high-power applications driving revenue growth in the long-term.

Source: GlobalFoundries, Counterpoint Research

Results Summary:

Revenue Highlights:

GF’s revenue fell by 16% YoY in Q1 2024 dragged down by uncertainty in the global market along with high inventory levels in the IoT and Automotive segments. Meanwhile, the inventory level of Smart Mobile Devices has been stabilizing.
GF shipped 0.46 million wafers (300mm Equivalent) in Q1 2024.
Automotive revenue grew 48% YoY due to higher volumes and ramp up of GF’s designs at key customers.
Automotive accounted for 17% of GF’s total revenue in Q1 and the growth is likely to continue in 2024.
Automotive and Smart Mobile Devices revenue accounted for more than 60% of the total revenue.
Reduced inventory levels seen in Smart Mobile Devices, Automotive, and IoT inventory are still higher than normal.

Segment-wise Updates:

Smart Mobile Devices:
- Smart Mobile Devices revenue declined by 2% YoY. This was offset by the increasing demand for premium smartphones and moderating inventory levels. The segment is expected to see a pick-up in demand in H2 2024.
- Higher ASPs, premium tier mix along with increasing value capture in the 5G RF front-end system, as well as imaging and display application limited the revenue decline in the segment.
Communications Infrastructure and Data Center
- Communications and Data Center saw the biggest decline in revenue, down 66% YoY. It accounted for 8% of the total revenue during the quarter.
- The transition to GenAI across sectors will increase the demand for high bandwidth communication and efficient power conversion systems driving revenue growth.
Home and IoT
- Home and Industrial IoT saw a decline of 19% YoY, as the industry is reeling under the pressure of excess inventory, and an uncertain macroeconomic environment.
- Within IoT, the Aerospace and Defense segment performed well which limited the revenue decline.
Automotive:
- The Automotive segment was the primary growth driver during the quarter, rising 48% YoY, driven by strong growth in volumes, ASP, and dynamics mix as semiconductor content and features increased across the vehicle architecture, including the increased adoption of connected cars.
- The growth of processing, sensors and power management is expected to contribute to revenue growth in the segment.
- Revenue growth in the Automotive end-market is expected to continue throughout 2024.

Key Developments, Q1 2024:

Key design wins in 40 nm image sensor processor technology and 130 nm BCD power platforms for critical ADAS, motor controllers, and sensor applications at auto-grade standards is expected to drive revenue growth.
22FDX mmWave technology for smartphone connectivity has ramped to volume production and design wins with OLED display driver makers ramping in 2024.
Received $1.5 billion from the Department of Commerce as part of the US CHIPS and Science Act in addition to over $600 million proposed by New York State under its Green CHIPS program.

Long-term Agreements:

Closed key design wins for 40 Image Sensor Processing (ISP) technologies and 130 PCD power platforms for ADAS, MCU and sensor applications for the automotive segment.
Closed key design win for 22 FDX+ Platform which will be useful for high-speed wireless interfaces for IoT platforms.
Design win for 130 NSX platforms which will support ground terminal infrastructure for satellite communications.
Extended one of the largest LTAs with Infineon in Q1 2024 for automotive grade 40 nm microcontrollers.

CapEx:

CapEx for Q1 2024 was $0.23 billion. GF’s CapEx for full-year 2024 is expected to be around $700 million.

Outlook 2024:

Challenges in terms of macroeconomic conditions, geopolitical uncertainties, and inventory normalization remain. A slower rate of inventory reduction will persist through 2024.
Automotive demand is likely to moderate in 2024 while FY revenue will see YoY growth in 2024.
Growth in Home and IoT to be flat with demand picking up in Q4 2024.
Smart Mobile Devices inventory will begin to normalize through H1 2024 with demand picking up in H2 2024.
Inventory in the IoT segment is expected remain elevated in H1 2024 and will likely bounce back in H2 2024. Speed, security and inference at the edge will drive the next-gen analog and mixed-signal technology.
Communication, Infrastructure and Data Center segment to remain constrained in 2024 due to sustained node migration to single-digit nanometres processors.
Smart mobile devices, automotive, aerospace and defense to perform better in 2024.

India Smartphone Market Volume up 8% YoY, Value up 18% YoY in Q1 2024; vivo Leads in Volume, Samsung in Value

For the first time ever, vivo led the market by volume in a single quarter.
Samsung led the market by value after capturing over one-fourth of the total market value. Samsung’s average selling price (ASP) also reached its highest ever in India.
The premium segment (>INR 30,000) reached 20% volume share, its highest ever, and 51% value share of the overall Indian smartphone market.
5G smartphone shipments captured their highest-ever share of 71% in volume terms.

New Delhi, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, San Diego, Seoul – May 9, 2024

India’s smartphone shipments in Q1 2024 (January-March) grew 8% YoY in terms of volume and 18% in terms of value, according to the latest research from Counterpoint’s Monthly India Smartphone Tracker. Volume growth was primarily driven by healthy inventory levels and the low base of Q1 2023. Value growth was driven by the ongoing premiumization trend and new launches during the quarter, such as the Samsung Galaxy S24 and OnePlus 12 series. The premium segment (>INR 30,000) reached 20% volume share, its highest ever, and 51% value share of the overall Indian smartphone market in Q1 2024.

Commenting on the market value dynamics, Senior Research Analyst Shilpi Jain said, “During the quarter, India’s smartphone market reached its highest ever Q1 value. The growth was driven by the strengthening trend of premiumization, with consumers upgrading to higher-value smartphones across price tiers. According to Counterpoint’s Consumer Lens survey, more than one-third of mid-tier consumers are willing to upgrade to the premium segment. Factors driving this trend include affordable financing schemes, better value for trade-ins, and bundled schemes, along with the demand for top-tier features such as AI, gaming, and imaging enhancements.

With a one-fourth share, Samsung led the market in terms of value. Also, at ~$425, Samsung’s ASP was its highest ever, driven by its leading position in the >INR 20,000 segment. This can be attributed to a stronger mix of its newly launched Galaxy S24 series due to its features such as GenAI, and the newly revamped A series, along with the increasing popularity of Samsung’s financing schemes. Apple also had a record quarter in India in terms of value, leading the premium segment both in value and volume terms, driven by the latest iPhone 15 series, especially in offline channels.”

Source: Counterpoint Research Monthly India Smartphone Tracker

Commenting on the market dynamics, Research Analyst Shubham Singh said, “The onset of 2024 brought a promising start for OEMs, with better inventory levels allowing them to fill channels with multiple new launches. However, sales were less than expected due to a drop in retail footfalls and a section of consumers cutting down on discretionary spending.

During the quarter, vivo captured the top spot by volume for the first time ever, with a 19% share driven by its 5G leadership and CMF (Color, Material, Finish) positioning, along with strong imaging capabilities. Key OEMs focused on diversifying their channel strategies during the quarter, which led to growth in shipments in offline channels, with inventory building up by the end of the quarter.”

Source: Counterpoint Research Monthly India Smartphone Tracker

Nothing, Motorola, Xiaomi fastest-growing brands

Nothing grew the fastest at 144% YoY due to its new mid-segment model Nothing (2a), which gained significant mind share.
Motorola’s shipments grew 58% YoY in Q1 2024 driven by demand for better CMF in smartphones and its smoother stock Android experience.
Xiaomi’s shipments grew 28% YoY to secure the second spot driven by a leaner and streamlined portfolio and a proactive offline channel strategy.
Transsion brands grew 20% YoY after increasing offline focus and offering premium specs in the affordable segment.
realme witnessed an 18% YoY growth in Q1 2024 driven by its latest number series, which targets young age groups through its superior camera capabilities and premium-like design.

Other key trends

We expect India’s smartphone market to grow in single digits in 2024, driven by strong premiumization, 5G adoption and post-COVID upgrades.
In Q1 2024, India’s 5G smartphone shipments captured their highest ever share of 71%.
MediaTek led India’s smartphone chipset market with 53% share, Qualcomm leads the premium segment with 35% share.
During Q1 2024, the offline share reached 64%, marking the highest quarterly post-COVID figure.

Notes:

India smartphone OEM shipment revenue mentioned in this release do not reflect the realized revenue for some of the OEMs.
ASP has been calculated on the basis of retail market price.
Revenue (Value) is based on retail market price.

The comprehensive and in-depth ‘Q1 2024 India Smartphone Tracker’ is available for subscribing clients.

Feel free to contact us at press@counterpointresearch.com for questions regarding our latest research and insights.

The Market Monitor research relies on sell-in (shipments) estimates based on vendors’ IR results and vendor polling, triangulated with sell-through (sales), supply chain checks and secondary research.

You can also visit our Data Section (updated quarterly) to view the smartphone market shares for World, US, China and India.

Background

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生成式 AI 手机产业白皮书

本白皮书由Counterpoint与联发科技共同发布，其他联合发布者包括阿里云通义千问、百川大模型、虎牙、酷狗、零一万物、OPPO、Soul、腾讯AI Lab、腾讯混元、vivo（按公司名拼音首字母顺序排列）

PDF | 33 pages
Published date: May 7, 2024

Overview
Table of Contents

与生成式AI技术的融合无疑是当下与未来智能手机产业发展的主旋律，它将开启智能手机智能化演进的新篇章，并为移动互联网生态的持续繁荣注入新动能。在此背景下，Counterpoint、联发科技携手行业伙伴发布了《生成式AI手机产业白皮书》，白皮书中提出了生成式AI手机的概念，定义了生成式AI手机的必要特征：

• 支持大模型的本地部署，或是通过云端协同的方式执行复杂的生成式AI任务。生成式AI手机本身具备强大的AI算力，无须完全依赖云端服务器。

• 具备多模态能力，即可以处理文本、图像、语音等多种形式的内容输入，以生成各种形式的输出，典型用例如翻译、图像生成和视频生成等。

• 确保流畅、无缝的用户体验，设备能够以自然而直观的交互方式，快速响应用户的请求。

• 拥有实现上述特征的硬件规格，包括但不限于基于领先工艺和先进架构设计的移动计算平台，拥有集成或者独立的神经网络运算单元（如APU/NPU/TPU），大容量和高带宽的内存，以及稳定和高速的连接，硬件级和系统级的安全防御。

Counterpoint生成式AI手机定义

白皮书中还深入探讨了生成式AI手机生态中各个玩家，包括芯片厂商、手机厂商、大模型厂商、开发者的AI战略，以及生成式AI手机的软硬件科技前景，并给出了Counterpoint对生成式AI手机发展的预测。受益于强大的移动计算平台，丰富的不同体量的模型矩阵，完整的配套工具链，以及产业各方积极的应用探索，生成式AI手机将在未来几年保持高速成长，生成式AI手机的存量规模将在2027年突破10亿大关，帮助实现生成式AI技术的普惠。

全球生成式AI手机总规模预测 (单位: 百万台)

• 前言
• 第一章:智能手机开启生成式AI手机时代

◦ 手机的智能化演进
◦ Counterpoint对生成式AI手机的定义
◦ 端云结合将是生成式AI部署的主流模式
◦ 多模态是实现AI智能体愿景的关键
◦ 端侧部署AI大模型的优势

• 第二章：生成式AI手机生态系统

◦ LLM现状以及预测
- ◘ 阿里云通义大模型
- ◘ 百川大模型
- ◘ 零一万物Yi模型
- ◘ 腾讯混元
◦ 未来两年端侧大模型参数规模将继续增长
◦ APP为基础的用户界面与AI智能体将会在未来几年内共存
◦ 芯片设计公司的生成式AI战略
◦ 手机OEM厂商的生成式AI战略
- ◘ OPPO生成式AI战略
- ◘ vivo生成式AI战略
◦ 开发者生成式AI战略
- ◘ 虎牙
- ◘ 酷狗
- ◘ Soul
- ◘ 腾讯AI Lab

• 第三章：生成式AI手机的软硬件科技全景

◦ 端侧部署AI大模型的硬件要求
◦ 软件生态的需求
◦ 目前可支持端侧AI大模型手机的SoC平台

• 第四章：生成式AI手机预测

• 结论

KEY HIGHLIGHTS

Infographic: Mobile Market Monitor
(Q1 and Q2 2023)
Global Smartphone Shipments Market Data
(Q3 2021 – Q2 2023)
China Smartphone Shipments Market Data
(Q1 2022 – Q2 2023)
US Smartphone Shipments Market Data
(Q1 2022 – Q2 2023)
India Smartphone Shipments Market Data
(Q1 2022 – Q2 2023)

CONTRIBUTORS

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Designer

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Counterpoint Quarterlies: Q1 2024

The Wearables Edition report compiles all our Wearables-related notes published during Q1 2024. It provides you with data, insights and deeper look into what our analysts were thinking about during the quarter.

Counterpoint Quarterlies Q1 2024

Counterpoint Quarterlies aggregate important notes we’ve published during the past three months – all organized by research area. We publish these Quarterlies across 5 technology verticals – Smartphones, Semiconductors, IoT, Automotive and Wearables.

The IoT Edition report compiles all our IoT-related notes published during Q1 2024. It provides you with data, insights and deeper look into what our analysts were thinking about during the quarter.

Wearables Q1 2024
IoT Q1 2024
Automotive Q1 2024
Semiconductors Q1 2024
Smartphones Q1 2024

Counterpoint Quarterly

Wearables Q1 2024

Published date: May 7th 2024

PDF | 26 pages

Table of Contents

• OnePlus Watch 2: Big Upgrades, Competitive Pricing

• Apple’s XR Investment Is An Insurance Policy

• Sony WF-1000XM5 Review: Epitome of Premium Sound with Compact, Lighter Design and Improved Battery Life

• XREAL Air 2 Pro First Impressions: Promising Entry-level XR Glasses

• India Smartwatch Market Sees Record Shipments in 2023 With 50% YoY Growth

• XR Gets Apple Vision Pro Boost, Market Set to Bounce Back in 2024

• Global XR (AR & VR Headsets) Market Share: Quarterly

Current clients, click here!

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Counterpoint Quarterly

IoT Q1 2024

Published date: April 30th 2024

PDF | 39 pages

Table of Contents

• 2.2 Billion IoT Connections Expected to be on eSIM by 2030

• Podcast #73: Thales – Driving Digital Security, Identity Innovations in a Connected World

• Thales, G+D, IDEMIA Pacesetters in 2023 eSIM Provisioning Rankings

• G+D, Thales, Idemia Pacesetters in 2023 eSIM Enablement Rankings

• Qualcomm Posts Higher Than Guided Q4 Revenues Driven by Smartphones, Automotive

• Amid Waning Demand, Cellular IoT Module Market Faces Another Challenging Quarter in Q3 2023

• MWC 2024 Day 3: Concepts Rule the Day

• MWC 2024 Day 2: TECNO’s Robot Dog, Samsung’s Galaxy Ring, Lenovo’s Concept Laptop and More

• MWC 2024 Day 1: Major Focus on AI Capabilities in Devices

• Counterpoint Conversations: Thales Unveils Innovative Solution for Effortless eSIM Transfer

• Global Cellular IoT Module Shipments Record First-ever Annual Decline

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If you are a current client, this report is available for you on our Research Portal. Click on the user icon to access the PDF page.

Counterpoint Quarterly

Automotive Q1 2024

Published date: April 23rd 2024

PDF | 36 pages

Table of Contents

• Global Passenger Electric Vehicle Market Share: Q1 2022 – Q4 2023

• Top Automotive OEMs Collaborate for Faster ADAS Improvement

• Strong Automotive Performance Helps GlobalFoundries Limit FY2023 Revenue Fall to 9% YoY

• Guest Post: Digital Automotive – Radio Wars

• Tesla Guides Weak 2024 EV Sales, Other Segments Set to Surge

• CES 2024 Day 2: Intel, AMD’s Auto Push, Honda’s EV Plans, Amazon’s Smart Home Initiative • CES 2024 Day 1: AI PCs, AI Cars, AI TVs

• Two-thirds of Cars Sold in Q3 2023 Featured Embedded Connectivity

• Qualcomm Posts Higher Than Guided Q4 Revenues Driven by Smartphones, Automotive

• MediaTek Delivers Strong Q4 2023 Performance as Smartphone Market Recovers

• Denso’s Q4 2023 Revenue Up 14% YoY, FY2024 Appears Bright

• HERE, TomTom Lead Location Platform Effectiveness Rankings

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If you are a current client, this report is available for you on our Research Portal. Click on the user icon to access the PDF page.

Counterpoint Quarterly

Semiconductors Q1 2024

Published date: April 9th 2024

PDF | 33 pages

Table of Contents

• NVIDIA GTC 2024: Analysts’ Insights and Industry Trends

• Counterpoint Conversations: Micron’s UFS 4.0 Memory Enabling Next-Gen AI Experiences at the Edge

• LeapFrog Semiconductor develops RISC-V based AI-enhanced DSP for Wireless Infrastructure

• ASML Records Highest-ever Revenue in 2023; High-NA EUV to Drive Long-term Growth

• CES 2024 Day 2: Intel, AMD’s Auto Push, Honda’s EV Plans, Amazon’s Smart Home Initiative

• Survey: 77% of Smart Device Users in India Consider Chipsets Highly Important in Shaping Experience

• Global Semiconductor Revenues Decline 8.8% in 2023; AI Promises Gains in 2024

• Strong Automotive Performance Helps GlobalFoundries Limit FY2023 Revenue Fall to 9% YoY

• Global Smartphone AP (Application Processor) Shipments Market Share: Q3 2022 To Q4 2023

• Top 5 Wafer Fab Equipment Makers’ Revenue Declined 1% YoY in 2023; ASML on Top

• Global Semiconductor Foundry Revenue Share: Q4 2023

• Infographic: Top 7 Semiconductor Companies by Revenues, Q4 2023

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If you are a current client, this report is available for you on our Research Portal. Click on the user icon to access the PDF page.

Counterpoint Quarterly

SmartphoneS Q1 2024

Published date: April 2nd 2024

PDF | 105 pages

Table of Contents

• Counterpoint Conversations: Sonim’s Solution-oriented Approach Driving Rugged Handsets Ecosystem

• Counterpoint Conversations: OnePlus Focusing on User-centric AI to Redefine Smartphone Experience

• Betting Big on AI, HONOR Unveils New Devices, Technologies

• MWC 2024 Day 3: Concepts Rule the Day

• MWC 2024 Day 1: Major Focus on AI Capabilities in Devices

• Infographic: Q4-2023 | Smartphones | Mobile Market Monitor

• Samsung Galaxy S24 with Galaxy AI Takes On-device Intelligent Experiences Mainstream

• HONOR’s Latest AI Feature Puts Flagships Into New Orbit

• OPPO Find X7 Series Sets AI, Photography Benchmarks for Flagship Smartphones

• OPPO Reno11 Pro 5G Photographic Review: A Pioneer of Portrait Photography for Mainstream Users

• vivo Bets on Generative AI to Elevate the Smartphone Experience

• S24 vs S23 Series YoY Growth Positive On GenAI Support, Europe and US Demand

• China Smartphone Sales Fall 7% YoY in First 6 Weeks of 2024; Double-digit Declines for Apple, OPPO, vivo

• South Africa’s Smartphone Shipments Surge 29% YoY in 2023 as Market Recovery Gathers Pace

• Indonesia’s 2023 Smartphone Shipments Down 6%

• Apple Dazzles in Thailand With a 26% YoY Growth in 2023

• Bangladesh Smartphone Shipments Decline 25% YoY in 2023; vivo Takes Top Spot

• Colombia’s Smartphone Shipments Down 8.4% YoY in Worst Fourth Quarter Since 2020

• MEA Smartphone Shipments Surge 30% YoY in Q4 2023; TECNO Surpasses Samsung for First Time

• Europe Smartphone Shipments Down 3% YoY in Q4 2023, Signs of Recovery Ahead

• Cumulative 5G Smartphone Shipments Cross 2-Billion Mark

• US Smartphone Sales Fall 10% YoY in Jan to Reach Almost Half of 2017 Peak

• In a First, Apple Captures Top 7 Spots in Global List of Top 10 Best-selling Smartphones

• LATAM Smartphone Market Down 3% YoY in 2023, But Set for Growth as Competition Rises

• Survey: realme Scores High Among Indonesia’s Young Smartphone Consumers

• iPhone Hits Record 50% Revenue Share on US, India and Emerging Markets; China Risks Remain

• US Smartphone Shipments Recover 8% YoY in Q4 2023 as Apple Market Share Reaches Highest Since Q4 2020

• India Smartphone Market Remains Flat in 2023; Apple Shipments Cross 10 Million for First Time

• China Smartphone Sales Snap 10-Quarter Declining Streak, Up 6.6% YoY in Q4

• Global Premium Smartphone Market Continues to See Record Sales in 2023

• Counterpoint Conversations: Humane’s Ai-Pin Reimagines Computing with an AI-Powered OS

• Qualcomm Posts Higher Than Guided Q4 Revenues Driven by Smartphones, Automotive

• MediaTek Delivers Strong Q4 2023 Performance as Smartphone Market Recovers

• Global Smartphone AP (Application Processor) Shipments Market Share: Q3 2022 To Q4 2023

• Apple iPhone Market Share: Quarterly

• Q4 2023 Global Smartphone Sales, Top 10 Best Sellers

• iOS vs Android Quarterly Market Share

• Global Smartphone Shipments Share Last Eight Years Of Winners & Losers

• Global Smartphone Shipments 2011 – 2023

• US Smartphone Shipments Market Data (Q3 2022 – Q4 2023)

• China Smartphone Shipments Market Data (Q3 2022 – Q4 2023)

• Global Smartphone Shipments Market Data (Q1 2022 – Q4 2023)

• India Smartphone Shipments Market Data (Q3 2022 – Q4 2023)

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iPhone 15 Pro Max Best-selling Smartphone in Q1 2024

Apple and Samsung dominated the list of top 10 best-selling smartphones in Q1 2024.
This was the first quarter in which the top 10 smartphones were all 5G capable.
This was also Apple’s first non-seasonal quarter when the iPhone Pro Max took the top spot.
The Pro line-up captured half of Apple’s total sales in Q1 2024, a significant increase from 24% in Q1 2020.

Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi – May 6, 2024

Apple and Samsung dominated the top-10 best-selling smartphones list for Q1 2024, each capturing five positions and leaving no spot for other brands, according to Counterpoint Research’s Global Monthly Handset Model Sales Tracker. This was the first quarter in which the top 10 smartphones were all 5G capable. Besides, the trend towards premiumization was evident, with 7 of the top 10 smartphones being premium (wholesale price at $600 and above).

Apple’s iPhone 15 Pro Max was the best-selling smartphone of Q1 2024. Notably, the Pro Max variant achieved the top position for the first time in Apple’s non-seasonal quarter, reflecting an increasing trend of consumer preference for high-end smartphones. All four iPhone 15 variants and the iPhone 14 were among the top 10 bestsellers. Further, the iPhone 15 line-up secured the top three spots.

The growing popularity of the Apple Pro line-up was evident, as it captured half of Apple’s total sales in Q1 2024, a significant increase from 24% in Q1 2020. The Pro iPhones have become the major revenue drivers for Apple, contributing over 60% of its sales value in Q1 2024. The Pro line-up offers substantial upgrades and significant enhancements over the base models. This strategic move has proven successful, as consumers are willing to pay for premium features. The Pro line-up’s features include an innovative dynamic island interface, more advanced chipsets, ultra-smooth displays, titanium chassis and a telephoto camera. The iPhone 15 Pro Max performed well despite its first price increase since the launch of the Pro series in 2019, indicating a strong consumer desire for the extra features the Pro line offers.

Samsung’s Galaxy S24 series secured two spots in the top 10 for Q1 2024, with its Ultra variant ranking fifth and the base variant coming in ninth. The strong performance of the S24 series can be attributed to Samsung’s early refresh of the series, and its efforts in generative AI (GenAI) technology. The S24 series was the first to reach the market with GenAI features and capabilities, allowing users to create unique content and experience a new level of interaction with their smartphones.

Consumers are holding onto their smartphones for longer periods because upgrades are offering limited differentiation in features. This leads consumers to opt for high-end smartphones to ensure their devices remain technologically relevant for a longer duration. Going forward, we expect the top 10 best-selling smartphones to capture a larger share of total smartphone sales as OEMs are focusing on leaner portfolios with premium features, including GenAI.

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Q1 Smartphone Market Grew 6% YoY -
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Apple’s Services Revenue Grows to Reach Highest Ever Share as Product Revenues Decline

Apple’s Q1 2024 (fiscal Q2 2024) revenues declined 4% YoY. While the revenues from products declined 10% YoY, revenue from services grew impressive 14% YoY reaching the highest ever share (26%) of Apple’s total revenue. This was also the first time that services captured over one fourth of Apple’s total revenue in the first quarter.

Commenting on the results, Varun Mishra, Senior Analyst at Counterpoint Noted, “With iPhones facing competition in China, record low upgrade rates in the US, a difficult compare from last year due to lock down effects, and segments like iPads and AirPods due for refresh, the overall product revenues declined, as expected. However, there are some upsides as well. Services revenues continues to show healthy growth and Apple’s reach in emerging markets continues to rise, which could be a long-term growth opportunity for the entire Apple ecosystem. Gross margins also increased to reach the highest levels in over a decade. This was driven by higher contribution of services as well as a better product mix for iPhones with 15 Pro series performing better than its predecessors”.

Apple Revenues by Product Categories

Source: Counterpoint Research Apple 360

Results Analysis:

iPhone: Revenues down 10% YoY. According to Counterpoint Research Market Monitor, shipments were down 13% YoY with Global smartphone shipment market share reducing from 21% in Q1 2023 to 17% in Q1 2024. The quarter was also a difficult compare because of 14 Pro’s supply shifting to Q1 2023 because of COVID lockdowns in Q4 2022 affecting manufacturing facilities in China.
Mac revenues grew 4% YoY. The resilience was supported by M3 base models and also a recovery of the overall PC industry.
iPad revenues declined 17% YoY. The segment is due for refresh with no new models launching in 2023. We will see new iPads launching in Q2 2024, which will drive some growth in the coming quarters.
Wearables Home and Accessories revenues declined 4% YoY even though Vision Pro sales were likely included in the segment, indicating a steeper decline in other products in the division.
Services: Continues to be a bright spot for Apple with 14% revenue growth YoY. It’s also an important segment for bottom line growth considering high services margins. Paying subscribers grew by double digits, reaching an all-time high. We also saw Google and Amazon’s subscription businesses deliver impressive numbers, suggesting customers are rewarding product bundles with high value. According to Counterpoint Research’s Apple 360, Services is likely to capture one fourth of Apple revenues in 2025.

Outlook:

Apple does face a few headwinds in China. We will likely see Apple being more aggressive in the China market, especially during the 618 festival in June, which will help drive some sales. At the same time, Apple will continue to increase its footprint in emerging markets. Investments around financing solutions, expansion of trade-in programs etc., will also support growth especially in emerging markets. Revenues for iPads and AirPods are also likely to grow in the coming quarters owing to product refreshes. Services segment is also expected to continue to grow in double digits in the coming quarters.

Another aspect is the increasing popularity of Generative AI in smartphones, and Apple’s absence thus far. Commenting on the Generative AI, Tarun Pathak, Director at Counterpoint Research noted, “Apple has been late to GenAI as compared to its competition. However, this has not been a new trend with Apple. It has a history of bringing new features later to the market. Also, we have not seen iOS users jumping ship due to AI features. The launch of GenAI capabilities in the Apple ecosystem will have a large value add due to its tightly knit nature. It will be a welcome move by over 2-billion active device users. We are already seeing Apple is likely working on external partnerships to bring GenAI to its devices. We think Apple’s GenAI will help drive iPhone upgrades.”

Global Smartphone Market Grows 6% YoY in Q1 2024; Revenue Reaches Highest Level in a First Quarter

The global smartphone market grew by 6% YoY to reach 296.9 million unit shipments in Q1 2024.
Samsung dethroned Apple to become the top smartphone player globally, accounting for 20% shipment share.
Apple’s shipments declined 13% YoY, however, the brand’s ASP grew to a record first quarter high driven by improved performance of the Pro models.
Among the top five OEMs, Xiaomi grew the fastest, registering 34% YoY shipment growth.
Global smartphone revenues also grew 7% YoY and reached highest-ever for a first quarter.

London, New Delhi, Hong Kong, Seoul, Beijing, Denver, Buenos Aires – May 3, 2024

Global smartphone shipments increased 6% YoY in the first quarter of 2024, according to the latest research from Counterpoint’s Market Monitor service. The growth is mostly attributed to the strong performance in key regions such as Europe, Middle East and Africa (MEA) and Caribbean and Latin America (CALA).

Commenting on overall market dynamics, Senior Analyst Prachir Singh said, “Smartphone shipments grew during the first quarter as emerging markets continued their strong momentum, while Europe, especially Central and Eastern Europe, grew the most compared to a difficult Q1 2023. Consumer demand in these markets has been growing gradually and the inventory levels have improved. MEA was the fastest growing region due to the strong shipments of TECNO, Xiaomi and HONOR. China also grew YoY owing to strong Lunar New Year sales and Huawei’s comeback. The India market also saw growth thanks to exiting 2023 with healthy inventory levels. The mature markets of North America and Japan declined relative to the same period in 2023.”

Global smartphone revenues grew by 7% YoY in Q1 2024 and reached the highest-ever in a first calendar quarter. The >$800 price segment was the fastest growing, registering double-digit growth and accounting for 18% of smartphone shipments in Q1 2024, up by 2pp compared to Q1 2023. Apple led the smartphone market revenues with a 43% share, although its revenues declined by 11% YoY. Samsung’s revenues grew 2% YoY, propelled by its increasing ASP while shipments remained flat. Among the top five OEMs, Xiaomi’s revenue growth was the fastest due to strong performance in its key markets. Revenues for the market beyond the top five OEMs also grew significantly, driven by increasing revenues from Huawei, HONOR and Transsion brands.

Commenting on Apple’s performance, Research Director Jeff Fieldhack said, “Tough competition in China, record low upgrades in the US and a difficult compare from last year due to iPhone 14 Pro’s supply shifting to Q1 2023 all weighed on iPhone performance. However, there were upsides as well. An improved product mix with 15 Pro’s performing better than its predecessors, and an increasing footprint in emerging markets, helped Apple in arresting some of the declines. Emerging markets especially provide long term growth opportunities. We also expect the inclusion of GenAI later this year to contribute to iPhone upgrades.”

Samsung re-captured the top spot and led global smartphone shipments during the quarter, driven by the early refresh of the Galaxy-A-series and strong performance of the Galaxy S24 series. Samsung reached its highest-ever ASP during the quarter as well. Among the biggest smartphone brands from China, Xiaomi and vivo registered growth. While Xiaomi registered growth in almost all its key markets, vivo posted strong performance in emerging markets of Asia Pacific including India. Huawei, HONOR and Transsion were the other key brands that gained during the quarter. Huawei made huge gains in China and won share from the leading brands. HONOR gained in CALA and MEA, in addition to having a strong share in China. The Transsion brands, TECNO, itel and Infinix, performed strongly in APAC, Eastern Europe, India and the MEA. OPPO* experienced a shipment decline due to stiff competition in key markets like China. The brand also prioritized value over shipments, with a shift to pushing higher ASP devices in emerging markets.

Commenting on the near-term outlook, Research Director Tarun Pathak said, “Growth is expected to be slow but steady in the near term. However, revenues are expected to grow faster as the ongoing premiumization trend is likely to persist, especially with the rise of newer form factors and capabilities such as foldables and GenAI. More than 10 OEMs have launched over 30 GenAI-capable smartphones so far. We estimate that GenAI’s share of overall smartphone shipments will reach 11% by 2024.”

*OPPO includes OnePlus since Q3 2021

Note: Pricing analysis is based on wholesale prices.

Feel free to reach us at press@counterpointresearch.com for questions regarding our latest research and insights.

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