Huawei continues to put pressure on global phone makers in Q2 2024: Counterpoint

A new report says that Huawei is emerging as a major pressure point for global phone makers in Q2 2024. Even though the company hasn’t fully strengthened its position in the overseas market. Yet, its creations are enough to put its competitors under stress.

Today, Counterpoint has released the Q2 2024 global smartphone market report. As per the details, the top 5 rankers are the same as in the previous quarter. These are Samsung at first, followed by Apple, Xiaomi, Vivo, and OPPO consecutively.

Counterpoint mentions that though these global phone makers have achieved the top position in Q2 2024, they are still facing pressure from brands like – Huawei.

Despite good ranking, all these firms declined in their market progress compared to last year. The top 5 brands’ shares came down YoY in Q2, following the pressure from growing brands like Huawei, Honor, Motorola, and Transsion.

Huawei has made significant growth during the Chinese 618 shopping festival. Although the company has to work a bit more to firm its legs in the global market.

This would become possible when Huawei improves its software and hardware products for global consumers. Huawei devices and updates in China are full of advancements. Yet the overseas version still lacks some of the changes due to U.S. restrictions.

Q2 2024 global smartphone market report (Image Credits: Counterpoint)

Coming back to the report, Samsung has grabbed the first spot due to fruitful sales of the Galaxy S24 series and other AI-powered handsets. It increased 5% YoY in annual growth. Apple ranks second with notable growth in Europe and Latin America.

Although it’s still running behind in China and the U.S. The company tried to boost its phone shipments during the 618 fest and achieved some success. Counterpoint believes that the company could get more in the second half of this year.

Xiaomi spotted third place with 2% YoY annual growth – thanks to the Redmi 13 series. Vivo is fourth but ranked at the top in the world’s two biggest smartphone markets – China and India. OPPO attained the fifth position with a drop of 16%YoY.

The overall global smartphone market sales grew 6% in Q2 2024. Over the last three quarters, the worldwide phone franchise has shown good recovery traits. It may show 4% growth in future quarters, says Tarun Pathak – the Counterpoint Research Director.

However, the Senior Analyst – Ankit Malhotra notes that the next few years could be slow-growing years for the smartphone market. It is so because the phone makers have increased the maintenance facilities for consumers and there aren’t major changes except for pricing. Yet one can hope AI to be a game-changer in this concept.

Q2 2024 global smartphone market report (Image Credits: Counterpoint)

[Source – Counterpoint]