This was the fastest growing smartphone brand in 2024 despite its absence in US

2024 was finally a good year for smartphone makers following a rough 2023, which saw the lowest phone sales in a decade. According to Counterpoint Research, the smartphone market actually grew by 4% in 2024 compared to the previous year, which is a positive sign for both buyers and phone makers. One of the key highlights from Counterpoint’s latest report is the fantastic growth journey one particular smartphone maker has been having.

Per the research firm’s preliminary calculations, Xiaomi has claimed the title of the fastest-growing smartphone manufacturer globally in 2024. The company’s year-on-year (YoY) global market share increased by one percentage point, setting it apart from rivals Apple and Samsung, both of which saw their 2024 smartphone market shares dip by the same margin.

What makes Xiaomi’s growth particularly noteworthy is its lack of presence in the United States, one of the world’s largest smartphone markets. Instead, the Chinese brand has focused on expanding aggressively in regions like Europe, Asia, and Africa. Counterpoint says a strategic portfolio realignment, a push into more premium devices, and innovative marketing campaigns have also helped Xiaomi achieve its latest growth numbers.

Meanwhile, Samsung and Apple, which lead the smartphone market globally, saw flat performances in 2024. Samsung retained its top position with a 19% market share, thanks to strong performance by the Galaxy S24 and Galaxy A lines. Apple came in second with an 18% market share. The iPhone 16 series received a lukewarm reception as per Counterpoint. The limited availability of Apple Intelligence also dampened buyers’ enthusiasm in Apple’s core markets like the US.

Looking beyond 2024, Counterpoint Research sees Generative AI becoming the norm for mid-range phones. The firm projects that by 2028, nine out of 10 smartphones priced above $250 will be GenAI-capable.