Honor and Xiaomi surge, Samsung stalls in Latin American smartphone market

Counterpoint Research published the latest report on the Latin American smartphone market. Figures indicate that all smartphone brands secured positive growth. Despite being the market leader, Samsung faced a marginal drop in its market share.

The Latin American smartphone market experienced a robust 14.5% year-over-year growth in the second quarter of 2024. This growth was fueled by increased consumer spending and the availability of affordable devices.

One out of three smartphones sold in the second quarter of the year was from Samsung. However, the company declined in both volume and share given relentless competition from Chinese brands in the mid-price and low-mid-price segments.

Apple grew YoY with the Brazilian market as its main growth driver. The brand is using aggressive pricing strategies for its locally assembled legacy models. 4G iPhone sales also declining due to the gradual adoption of the 5G network across LATAM.

Motorola’s sales volume increased by almost 14% compared to the same quarter last year, but its market share declined slightly. Xiaomi’s sales rose both YoY and QoQ. The company gained sales volume in Mexico, Venezuela, and Central America.

HONOR grew aggressively in the region in Q2 2024, expanding into new markets such as Brazil and Venezuela. The Chinese firm recorded a massive 51% year-on-year growth, while the next quarters will be worth watching.