The growth is mostly attributed to the strong performance in key regions such as Europe, Middle East and Africa (MEA) and Caribbean and Latin America (CALA).
“Smartphone shipments grew during the first quarter as emerging markets continued their strong momentum, while Europe, especially Central and Eastern Europe, grew the most compared to a difficult Q1 2023,” says Counterpoint’s Prachir Singh, “consumer demand in these markets has been growing gradually and the inventory levels have improved. MEA was the fastest growing region due to the strong shipments of TECNO, Xiaomi and HONOR. China also grew YoY owing to strong Lunar New Year sales and Huawei’s comeback. The India market also saw growth thanks to exiting 2023 with healthy inventory levels. The mature markets of North America and Japan declined relative to the same period in 2023.”
Global smartphone revenues grew by 7% YoY in Q1 2024 and reached the highest-ever in a first calendar quarter.
