Apple and Samsung Shamed by Xiaomi and Transsion in Smartphone Market

The first quarter of 2024 witnessed an uptick in the worldwide smartphone market, with shipments climbing by 7.8% compared to the previous year, totaling 289.4 million units, according to IDC. While Samsung regained its footing by reclaiming its position as the leading smartphone maker in the world, edging out Apple, it was companies such as Huawei, Xiaomi, amd Transsion who lead the way in growth.

Company1Q24 Shipments1Q24 Market Share1Q23 Shipments1Q23 Market ShareYear-Over-Year Change
Global smartphone shipments in millions. (Source: IDC)

There are three significant shifts in the smartphone market. First, there’s a noticeable uptick in value and average selling prices (ASPs), driven by consumers opting for pricier devices with the expectation of longer usage and stretched out upgrade cycles. Secondly, there’s a reconfiguration of power dynamics with Xiaomi rebounding from recent declines and Transsion solidifying its presence in the top 5 with strong growth in international markets. Thirdly, Apple looks like it got the worse outcome. You would have thought that the company would be soaring with the iPhone 15 but it may signify the vulnerabilities of Apple are starting to overshadow any strengths.