Xiaomi has surpassed Apple and Samsung to become the fastest growing smartphone maker in 2024

Xiaomi has become the world's fastest growing smartphone maker in 2024, according to preliminary calculations by research firm Counterpoint Research.

Here's What We Know

While the market share of market leaders, Samsung and Apple, declined slightly, Xiaomi was able to increase its share by one percentage point. This growth was achieved through portfolio realignment, a focus on premium devices, improved marketing campaigns and aggressive expansion in the markets of Europe, Asia and Africa. It is noteworthy that Xiaomi has achieved this success despite the lack of sales in the US.

Overall, the 2024 smartphone market grew by 4% year-on-year, a positive sign for manufacturers and buyers. Samsung maintained its lead with a market share of 19 per cent, thanks to successful sales of the Galaxy S24 and Galaxy A series. Apple came in second with an 18% share, but the iPhone 16 series received mixed reviews due to the limited availability of Apple Intelligence. Rounding out the top five are Oppo and Vivo.

Counterpoint Research predicts that functionality with generative AI is expected to grow in the coming years and it will become the standard for mid-range smartphones as well.

Source: Counterpoint Research