Galaxy S24 helps Samsung snatch US market share in Q1'24 as Apple remains stale in slowing smartphone market

It is no secret that the Samsung Galaxy S24 series is a hit with fans with multiple reports indicating the strong demand for Samsung’s latest flagship phones. For instance, the Samsung Galaxy S24 Ultra topped the Android charts as the most popular smartphone in the global market according to Counterpoint Research. 

The firm has now published its analysis of the US smartphone market for Q1 2024 and found out that Samsung has, in a continually slowing market, managed to increase its market share. On a Year-over-Year (YoY) basis, the company grew its market share by 4% to 31% in Q1 2024 vs 27% in Q1 2023. As noted by Counterpoint Research, Q1 2024 was Samsung’s best Q1 quarter since 2020. The catalyst for Samsung’s growth in Q1’24 seems to be the strong reception of the Galaxy S24 series (Available on Amazon).

Unfortunately, the rest of the smartphone industry didn’t have Samsung’s good fortunes with total Q1 sales declining for a consecutive 6th quarter YoY and lagging behind Q1’23 by 8%. Cheaper Android phones coming in under $300 also saw decreasing shipments as the report notes that LTE devices were "being phased out in favor of 5G”. Moreover, the chief contributing factor to the seemingly decreasing YoY shipments in Q1’24 appears to be the comparison with Q1’23 where the launch orders for the iPhone 14 Pro and Pro Max began to ship.

Talking about the iPhone, Apple managed to preserve but not enhance its 52% market share.

Finally, Counterpoint Research posits that the declining smartphone market could start picking up pace in Q3 with the launch of more smartphones and upcoming traditionally hot holiday season in Q4.