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Global smartphone shipments grew 8 per cent (year-on-year) in the second quarter of 2024, as Samsung retained the top position globally, accounting for 19 per cent share, a report said on Friday. 

Global smartphone revenues also went up 8 per cent YoY, while the average selling price (ASP) reached the highest level for a second quarter, according to Counterpoint Research.

This marks the third-consecutive quarter posting growth for the global smartphone market.

“Europe and Asia Pacific also registered double-digit growth. However, India witnessed a marginal decline due to a seasonal slump aggravated by a severe heatwave,” said senior analyst Prachir Singh.

Apple led the smartphone market revenues with a 42 per cent share.

Among the top five OEMs, Xiaomi’s revenue growth was the fastest in a second consecutive quarter as it maintained a strong performance in its key markets, the report mentioned.

Research Director Jeff Fieldhack said that there were worries that iPhone volumes would disappoint after North American carriers reported record low upgrade rates and lower iPhone sales.

“We estimate Apple iPhone volumes were flat and revenue declined by 1 per cent YoY despite Pro series sales growth. The outlook for Apple looks solid as there is more supply chain excitement for the upcoming iPhone 16 family and big expectations for Apple Intelligence,” Fieldhack added.

The ongoing premiumisation trend, coupled with the AI trend, is likely going to push up the ASPs and revenues in the coming quarters, said Research Director Tarun Pathak.

"We estimate that GenAI’s share of overall smartphone shipments will reach 11 per cent by 2024,” Pathak added.