A new report by Counterpoint Research revealed that smartphone shipments saw a 3% year-on-year (YoY) increase in the third quarter of 2024. In terms of value, smartphones saw a 12% increase as compared to the same period last year.

Samsung led the race with a 23% market share, Apple was a few lengths behind, followed by Vivo. The festive period and new launches were the driving force behind the growth observed in the third quarter.

Samsung owes its market share to the adoption of AI and new launches; Apple to the shipments of the iPhones 15 and 16 during the festive season. BBK Electronics’ Vivo, Oppo and Xiaomi followed.

The trend of premiumisation in general has percolated into the smartphone market. Consumers are opting for exchange offers and EMI options to purchase premium products from various smartphone manufacturers.

In terms of volume, BBK’s Vivo and Xiaomi led the race with a share of 19% and 17% respectively.

British electronics company, Nothing, founded by Carl Pei (the co-founder of OnePlus) has been growing fast — it recorded a 510% YoY growth in shipments in the third quarter. This is the first time the company has entered the top 10.

In a recent report by Future Market Insights, trends suggest that the rigid box market can be valued at USD 80.6-billion in 2024. By 2034, this value is expected to see a CAGR of 1.8%, bringing the value to USD 96.3-billion.