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it home reported on september 4 that market research firm counterpoint research published a blog post yesterday (september 3), reporting that in the second quarter of 2024, driven by emerging markets, global sales of economy smartphones exceeded 100 million units, a year-on-year increase of 10%, accounting for 37% of global smartphone sales.

in the economy segment, the top 10 best-selling economy smartphones accounted for a quarter in the second quarter of 2024, up from 21% in the same period last year.

in the second quarter of 2024, the number of active budget smartphone models fell to just over 1,500, nearly half the number in the same period of 2018.

the trend highlights the ongoing consolidation in the economy segment as oems focus on leaner product portfolios and consumers prefer established brands.

in the second quarter of 2024, the top ten economical smartphone rankings were occupied by xiaomi, samsung and oppo, each occupying three seats. the remaining spot was occupied by tecno. it home attached the following pictures:

the best-selling budget smartphone was the xiaomi redmi 13c 4g, followed by the samsung galaxy a05 and a15 4g. the popularity of these models across regions, coupled with their attractive specs and features, helped them top the charts.

the budget smartphone market is experiencing a clear shift toward 5g, with 5g devices accounting for 24% of the market by the second quarter of 2024, a 2.5x annual growth rate.

india and china were the major contributors to this growth, with 5g becoming a standard feature in the economy segment in these markets.

as 5g becomes more affordable, the sub-$150 segment will see significant growth and oems will use 5g as a key differentiator.

the xiaomi redmi 13c 5g, released in december 2023, entered the top ten for the first time in the second quarter of 2024, becoming the first 5g budget smartphone to enter the top ten.

other standouts in the affordable 5g category this quarter include the xiaomi redmi 12 5g and realme 12x. in addition to 5g, these smartphones also offer highly competitive specifications such as powerful cameras, larger battery capacity, and fast charging support.