In the second quarter of 2024, the Latin American smartphone market saw significant growth, with shipments reaching 33.5 million units, up 20% year-on-year, according to the latest data from Canalys, marking the fourth consecutive quarter of double-digit growth. This achievement was driven by a significant increase in the share of smartphones in the sub-$200 price segment, which hit a new high since the second quarter of 2021. In such a market background, the competition pattern of the top 5 brands in the Latin American smartphone market is becoming more and more clear.
Market Leader: Samsung's market domination
Samsung continued to hold its leading position in the Latin American smartphone market with 10.2 million units shipped, up 9% year-on-year. Samsung's market dominance is due to the excellent performance of its A-series products, which have won the favor of a large number of consumers with high cost performance. Samsung's success in the Latin American market is also closely related to its effective channel and inventory management strategies.
Rapid Ascender: Xiaomi's market breakout
Xiaomi jumped to second place in Latin America for the first time with 6.2 million units shipped, up 35% year-on-year, setting a record for the highest shipments in the region. Xiaomi's growth was driven by its strong performance in core markets such as Chile, Mexico and Peru, as well as the competitiveness of its products in terms of performance and price. Xiaomi's achievement also marks that its strategic layout in the Latin American market has achieved remarkable results.
Stable competitors: Motorola and Transsion's market performance
Motorola ranked third with 5.7 million units shipped, and despite the decline in shipments, it maintained a stable market share in the Latin American market. Transsion ranked among the top five with 3.2 million units shipped, up 52% year-on-year, demonstrating its strong competitiveness in the Latin American market. Transsion has effectively seized market opportunities through the market segmentation strategy implemented under the Infinix and Tecno brands.
Emerging Power: The Rise of Glory's Market
Honor ranked fifth with 1.7 million units shipped, up 47% year-on-year, making it one of the fastest-growing brands in the Latin American market. Honor has adopted a channel strategy similar to the one Huawei implemented in Latin America many years ago, which has played a key role in its significant progress in the Latin American market.
Global perspective: The global significance of the Latin American market
The growth of the Latin American market is of particular significance against the backdrop of three consecutive quarters of growth in the global smartphone market. In the second quarter of 2024, the global smartphone market shipped 288 million units, up 12% year-on-year. The outstanding performance of Samsung and Xiaomi in the global market is also reflected in the Latin American market. Samsung continues to lead the world with an 18% market share, while Xiaomi is a close second in the global market with a 15% market share.
Figure: Top 5 smartphone shipments in Latin America - 2024Q2
Market outlook: opportunities and challenges coexist
The growth of the smartphone market in Latin America presents a huge market opportunity for major brands. However, as the market intensifies, so will the competition between brands. Brands need to constantly innovate products and optimize their marketing strategies to adapt to changing market demands. At the same time, brands also need to pay attention to market risks, including economic fluctuations, exchange rate changes and other factors, to ensure stable development in the Latin American market.
Conclusion
The competitive landscape of the top 5 brands in the Latin American smartphone market has been formed, with Samsung and Xiaomi leading the way particularly prominent. As the market continues to grow and competition intensifies, brands need to constantly adjust their strategies to adapt to market changes. The successful experience of the Latin American market also provides a valuable reference for the global smartphone market. With the development of technology and the improvement of the market environment, the Latin American smartphone market is expected to usher in a broader development prospect.
