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According to a report from Fast Technology on July 15, the latest report from research firm Counterpoint Research shows that global smartphone sales in the second quarter of 2024 will increase by 6% year-on-year, the highest year-on-year growth rate in three years.

The report shows that Samsung continues to hold the top spot in global mobile phone sales, with a share of 20%, a year-on-year increase of 5%, while Apple follows closely behind with a share of 16%, a year-on-year decrease of 1%.

Xiaomi, vivo and OPPO ranked third, fourth and fifth, with corresponding shares of 14% (a year-on-year increase of 22%), 8% (a year-on-year increase of 9%) and 8% (a year-on-year decrease of 16%).

Counterpoint analysis shows that the cumulative market share of the top five brands has declined year-on-year, mainly due to pressure from brands such as Huawei and Honor.

On the other hand, the share of the top ten brands is close to 90%, indicating that the market is consolidating and competition among the top ten brands is fierce.

The problem now is that the growth of smartphones will slow down in the next few years. The main reason is that people's phone replacement cycle has lengthened (some even change phones every 50 months), and at the same time, there is not much innovation among manufacturers in mobile phones, so people lack the motivation to change phones.

From this perspective, Xiaomi is already the number one Chinese manufacturer.