The tech giant Samsung remains the leading power maintaining its sales at 20 per cent just as the first quarter.
The global smartphone has witnessed significant growth in the second quarter of 2024 soaring sales up to 6 per cent compared to the last year. This increase in sales was gained due to the demand for AI-powered smartphones. According to Counterpoint Research Analysts, this growth marks the most substantial upturn in 3 years of industry sales.
Europe and Latin America contributed more to the sales soaring by over 10 per cent in the market. The tech giant Samsung remains the leading power maintaining its sales at 20 per cent just as the first quarter. Meanwhile, Apple stood at the second position with 16 per cent of market share which is followed by Chinese phone maker Xiaomi, OPPO and Vivo leading the top 5 in the line.
Apple witnessed fewer sales in China on account of Huawei’s surge but recorded strong YoY growth in Latin America and Europe which further compensated for the low upgrade rates. However, the company marked a bit of improvement during the ‘618 shopping festival’ by offering various discounts for a limited period.
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The company would raise its sales as it is anticipated to launch its new AI-powered devices in the coming September, as per market research firm predictions. Tarun Pathak, Research Director, Counterpoint Research stated that the industry underwent the lowest sales period at the end of 2023, but swiftly soared due to the innovations improving smartphone demands. The growth in smartphone sales over the last three quarters remains a good sign for the upcoming sales.
The demand for AI-powered smartphones with high-megapixel cameras and 5G connectivity has increased the sale of high-end mobiles as well as budget-friendly devices. The industry remains optimistic about future quarters anticipating more sales which would further lead to at least 4 per cent growth in 2024. The innovations and trends may attribute more demand to the market sales by the end of this year he added.
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