In 2024, the Latin American smartphone market achieved a record shipment of 137 million units, growing 15% from 2023, according to Canalys. Samsung led with 42.9 million units and a 31% market share, marking a 12% increase. Motorola followed with 22.8 million shipments and a 17% share, experiencing a 4% decline. Xiaomi closely trailed with 22.7 million units, growing 20%. Transsion and Honor saw growths of 40% and 79%, respectively. In Q4, Samsung continued to lead, but Xiaomi overtook Motorola for second place. The demand for budget smartphones under $200 surged to 48% of the market.
The smartphone market in Latin America experienced a 15% increase in 2024 compared to the previous year, as per new statistics from Canalys. Shipments reached a remarkable 137 million units, marking an all-time high for the region.
Samsung dominated the market with 42.9 million shipments, achieving a 31% market share and a 12% growth in shipments year-on-year. Motorola followed, selling 22.8 million units for a 17% market share, though this reflects a 4% decline compared to 2023. Close behind was Xiaomi, with 22.7 million units shipped, also holding a 17% market share, but experienced a 20% increase in sales year-on-year.
Following Xiaomi was Transsion, which shipped 12.8 million units, securing a 9% share of the market and a 40% growth. The most notable growth came from Honor, which placed fifth with 8 million units shipped, achieving a 6% market share and a remarkable 79% increase compared to 2023.
Examining just the fourth quarter of 2024, the rankings shift slightly. Samsung continued to lead with 10.2 million shipments, maintaining a 31% market share and a 17% annual growth. However, Xiaomi moved up to second place with 5.4 million shipments, a 16% market share, and an 11% growth. Motorola placed third with 5.2 million shipments, holding onto 15% of the market, but saw a decline of 14% compared to Q4 2023.
Transsion ranked next with 3.1 million units shipped, amounting to a 9% market share and a 4% year-on-year growth, while Apple placed fifth with 2.8 million shipments, equating to an 8% market share and a 12% increase from the previous year.
According to Canalys, there is a growing trend among consumers in Latin America towards purchasing more affordable smartphones, with the segment under $200 expanding from 41% to 48% of the overall market in 2024, impacting the sales of devices priced between $200 and $399. The above image illustrates the performance of each brand across three distinct price segments, revealing that Samsung’s market share diminishes with lower price points.
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