The latest research from Canalys shows the smartphone market in Latin America grew by at least 10% in every quarter for the fourth time in a row. In Q2 2024, the number of phones sold increased by 20% year-on-year, reaching 33.5 million units.
Samsung maintained its lead in the market with a 9% YoY shipment growth of 10.2 million units. Xiaomi followed with a 35% increase in smartphone shipments, reaching 6.2 million devices, its highest quarterly volume in that region. Motorola sits third with 5.7 million shipment units.
Under Transsion Holdings, Infinix and TECNO secured the fourth spot and achieved a combined annual growth rate of 52% in Q2 2024, shipping 3.2 million units, which marks a significant year-on-year improvement.
HONOR rounded up the top five with 1.7 million units of sales and 47% annual growth.
The success of Infinix and TECNO can be attributed mainly to their focus on budget-friendly devices. As noted by Canalys report, there has been a rise in demand for smartphones priced under $200, the highest since Q2 2021. This has been one of the significant factors fueling the continued growth in the region.
Capitalising on this trend, the Transsion brands have offered smartphones with strong value-for-money propositions, which resonate well with consumers in Latin America. This market has become increasingly competitive, particularly in the budget segment.
Samsung also firmly held its number one position, thanks to sales driven by its budget-friendly A-series.
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