Xiaomi has outpaced industry giants Samsung and Apple to become the fastest-growing smartphone maker of 2024. This achievement comes as global smartphone sales see a notable recovery following a decade-low performance in 2023.
Xiaomi’s Impressive Growth
According to Counterpoint Research’s latest report, Xiaomi’s year-on-year (YoY) growth in 2024 has been impressive, with the company increasing its global market share by 1%. This growth has enabled Xiaomi to leapfrog both Samsung and Apple, who have seen slight declines in their market share compared to the previous year.
Despite limited presence in the U.S., one of the largest markets globally, Xiaomi’s success is attributed to its aggressive marketing strategies in regions like Asia, Africa, and Europe. The company’s ability to tap into emerging markets has been crucial to its surge in 2024. Xiaomi has also made a significant push into the premium smartphone segment, catering to consumers who are looking for high-end features at competitive prices.
Samsung and Apple Maintain Lead
Though Xiaomi has emerged as the fastest-growing brand, Samsung and Apple remain the dominant players in the global smartphone market. Samsung retains the largest market share, holding 19% of the global smartphone market in 2024, while Apple follows closely with 18%. Both companies, however, experienced a slight dip of 1% in YoY growth.
Looking Ahead: The Future of Mid-Range Smartphones
Looking to the future, Counterpoint Research anticipates that generative AI will become a common feature in mid-range smartphones. By 2028, the firm predicts that 9 out of 10 phones priced above $250 will come equipped with AI-ready hardware, signaling a new era for affordable yet advanced smartphones.
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