The global smartphone market finally improved in 2024 after a tough 2023, which saw the lowest phone sales in ten years. According to Counterpoint Research, smartphone sales grew by 4% compared to the previous year. This recovery was good news for both buyers and brands. One brand stood out the most—Xiaomi, which became the fastest-growing smartphone maker in 2024.
Xiaomi’s Rapid Growth
Counterpoint reports that Xiaomi’s global market share grew by 1% in 2024 compared to the previous year. This growth is impressive because competitors like Apple and Samsung both saw their market shares drop by 1% during the same period.
Xiaomi achieved this success even though it does not sell phones in the United States, one of the largest smartphone markets. Instead, the company focused on Europe, Asia, and Africa. These regions have helped Xiaomi grow rapidly.
Counterpoint says Xiaomi’s success comes from smart strategies like:
- New Product Lineup: Xiaomi introduced more premium devices but kept its mid-range phones affordable.
- Creative Marketing: Xiaomi used strong and creative campaigns to attract more customers.
- Focus on Growing Markets: Xiaomi concentrated on expanding in regions outside the U.S., like Europe and Asia.
Samsung and Apple See No Growth
While Xiaomi grew, Samsung and Apple had flat performances in 2024.
- Samsung kept its 19% market share, staying the global leader. Its success came from the popular Galaxy S24 and Galaxy A series.
- Apple, with an 18% market share, came second. However, its iPhone 16 series had a weak response. Limited availability of the Apple Intelligence feature hurt sales in key markets like the U.S.
AI-Powered Smartphones Are the Future
Counterpoint predicts Generative AI (GenAI) will soon become common in mid-range smartphones. By 2028, 90% of smartphones over $250 will support GenAI features.
This shift will make AI tools more accessible to everyone, giving brands like Xiaomi a chance to lead the market by offering advanced features at affordable prices.
Conclusion
Xiaomi’s growth in 2024 shows its ability to adapt and compete. While Samsung and Apple struggled, Xiaomi’s focus on affordable innovation and new markets helped it grow. With AI-powered features becoming more common, Xiaomi could continue to change the smartphone industry in the future.
