CHART: Smartphone revenue soars in Q1 2024, reaching record highs

• Samsung is leading in global shipments and Apple is dominating revenue share.
• A 7% YoY surge in global smartphone revenue, marking a record high for the first quarter.
• Premiumization trend drove growth, with the over $800 price segment experiencing the fastest expansion.

The global smartphone market exceeded expectations in Q1 2024, with revenue soaring 7% year-over-year, according to recent data by Counterpoint. This marks the highest revenue ever recorded for the first calendar quarter.

Although unit shipments only saw a modest 6% increase, strong demand in key regions such as Europe, the Middle East, Africa (MEA), and the Caribbean and Latin America (CALA) drove growth. Emerging markets, including China and India, maintained momentum, buoyed by Lunar New Year sales and Huawei's resurgence.

The surge in revenue was on the back of the premiumization trend in smartphone shipment. Notably, the over $800 price segment experienced the most rapid growth, now comprising 18% of total shipments, a 2-percentage point increase from Q1 2023. Meanwhile, other price segments saw declines as seen in the Techloy chart below.