- LATAM smartphone shipments grew 11.2% YoY, the fifth consecutive quarter of YoY growth.
- Samsung leads the market with a 33.2% share and a 5% YoY growth in volume.
- Apple and OPPO both registered double-digit YoY shipment growth.
- OPPO had the highest YoY growth among the top 5 brands in Q3 2024.
LATAM smartphone shipments climbed 11.2% YoY in Q3 2024, marking three straight quarters of double-digit growth, according to the latest Counterpoint Research Market Monitor report. The expansion was fueled by fierce competition in the region led mainly by Chinese brands, which have been increasing their presence here. During the quarter, the market started growing its inventory ahead of the holiday season, which starts in November and ends in January. Brands such as Samsung, Motorola, and Xiaomi benefited from their strong presence in Brazil and Argentina.
Most of the countries in the region grew YoY, except for Argentina, Colombia, and Ecuador, as they are still embroiled in different degrees of economic crises. However, among these countries, Argentina saw the highest QoQ growth, with volumes more than doubling from the previous quarter.
4G smartphones continued driving volumes in LATAM, while 5G smartphone growth remained stagnant in Q3 2024 as 5G technology is not a priority to consumers in the region. The average LATAM consumer would prefer a cheaper phone or rather spend on a device with a better camera, bigger screen size, or more memory. The fact that Chinese brands offer affordable phones with good features and 4G technology make it easier for users to choose a 4G device.
- Samsung‘s volume increased by around 5% YoY in Q3 2024 after two years of continued quarterly YoY decline. The brand is partnering with credit cards and banks in the region to offer discount coupons or different methods of payment such as installments. Samsung aggressively stocked inventory ahead of the holiday season, enabling the brand to reclaim its leadership position in most countries in the region. The recovery of markets such as Argentina also helped Samsung retain its leadership.
- Motorola’s shipment volume rose more than 5% YoY compared to the previous year, mainly due to the brand’s aggressively low pricing. Its Moto G34 was one of the most affordable 5G models in the region.
- Xiaomi’s volume also grew by 6% YoY. The increasing crackdowns on Brazil’s grey market by the country’s government have directly affected Xiaomi’s shipments. The increasing production of locally assembled phones is helping drive Xiaomi’s growth in Argentina. Colombia, Mexico, and other smaller countries in Central America also contributed to the brand’s growth.
- Apple’s volumes rose 21% YoY in the region, driven mostly by Brazil and Mexico. Apple has been lowering the price of legacy models more aggressively with local assembling in Brazil. The iPhone 13 was the best-selling Apple model in the region in Q3 2024. The iPhone 16 was launched at different schedules in the region, with only Mexico a part of the global launch. All other countries’ presales took place one or two weeks after the global launch, with sales in other countries set to start in early October.
- OPPO’s volumes rose 49.1% YoY in the region. It remained among the top three brands in Mexico, while its position improved in Colombia. OPPO is increasing marketing efforts in Colombia by sponsoring musical events. However, the brand is experiencing difficulties in expanding its foothold in other countries within the LATAM region due to strong competition from other Chinese brands.
- HONOR registered double-digit YoY growth in the region during the quarter. The brand is still in the process of establishing itself in the region but has already captured a spot among the top five in most LATAM countries. HONOR performed best in Central America and the Caribbean.
