May 23, 2024 – According to the latest report published by Counterpoint Research, the European smartphone market has witnessed a 10% year-on-year growth in shipments during the first quarter of 2024. This significant increase marks the end of a consecutive decline that started in the third quarter of 2021.
The report highlights the performance of several key players in the market. Samsung captured a 32% market share, with a 7% year-on-year growth in shipments, despite a slight decrease in market share from 33% in the same period last year. Apple held a 25% market share but experienced a 1% decline in shipments compared to the previous year when it held a 27% share.
Xiaomi maintained its 18% market share and achieved an 11% year-on-year growth in shipments. Realme and Honor also showed impressive growth, with Realme increasing its market share to 4% and shipments growing by 59%, and Honor entering the top rankings with a 4% market share and a staggering 67% growth in shipments.
Commenting on the market dynamics, Jan Stryjak, Associate Director at Counterpoint Research, expressed optimism about the recovery of the European market. “It’s encouraging to see the European market finally showing signs of growth,” he said. “Although, considering the poor performance in 2023, one shouldn’t get too excited.” Stryjak attributed the improvement to the enhancing macroeconomic conditions in the region and the introduction of impressive new devices, particularly from companies like Samsung, Xiaomi, and Honor.
Samsung, in particular, has bounced back strongly in the first quarter of 2024, with its popular Galaxy S24 series contributing to its first year-on-year shipment growth since the fourth quarter of 2021. Honor’s relentless efforts have propelled it to surpass OPPO and claim the fifth spot for the first time, while TECNO, a sub-brand of Transsion, has shown significant growth in Eastern Europe.
Looking ahead, Stryjak noted that the European market is showing signs of recovery, and consumer confidence is improving thanks to innovative device-side artificial intelligence technologies. However, he cautioned that the industry is not out of the woods yet. “Although we expect the market to grow at a low single-digit rate for the remainder of 2024, it’s important to remember that this growth is coming off a very low base in 2023. We don’t expect a quick return to pre-pandemic levels,” he concluded.
