TechInsights: The shipment volume of smartphones in Central and Latin America in the second quarter increased by 13.1% year-on-year.

According to data from TechInsights, the smartphone market in Central and Latin America (CALA) is expected to grow significantly by 13.1% in Q2 2024, surpassing the global smartphone market growth rate of 7.6%. This significant growth is mainly attributed to the strong performance of Chinese manufacturers in the emerging markets in the region. Samsung continues to maintain its leading position, occupying 31.5% market share. However, there has been a significant change in the second position, as Xiaomi (01810) has surpassed Motorola, which has been in second place since 2017. Xiaomi has achieved 17.1% market share with its strategic channel initiatives, competitive pricing, and impressive features, marking the company's highest achievement in the region. Apple and Honor are also among the top five manufacturers. Among the major manufacturers, realme, Honor, and vivo are the fastest growing brands. Realme achieved a remarkable year-on-year growth rate of 250.0%, while Honor and vivo achieved significant year-on-year growth rates of 75.0% and 50.0% respectively. TechInsights stated that the smartphone market in CALA has maintained double-digit annual growth rates over the past four quarters. With the presence of many emerging markets such as Brazil, Mexico, and Argentina in the region, there is huge potential for the expansion of the smartphone market in the future. Additionally, the positive economic growth prospects in these countries further enhance growth prospects. As a result, TechInsights recommends that smartphone suppliers prioritize this region as a market and focus on country-specific appropriate channels to promote expansion. For example, it is suggested to establish partnerships with telecom operators in Mexico, as Mexico is one of the largest operator-driven markets in the region. For Brazil, TechInsights recommends smartphone suppliers to focus on online retailers such as MercadoLibre, Magazine Luiza, and Americanas.