Canalys: LATAM sees another huge increase in shipments in Q1 2024
The smartphone market in Latin America saw rapid growth in Q1 of 2024, reveals Canalys. According to the latest market analysis, shipments increased by 26% on a yearly basis.
This is the third consecutive quarter that saw a YoY increase after a huge decline in 2022. The region saw 34.9 million units shipped, and Canalys revealed that nine out of the top ten companies saw an increase in sales.
Particularly notable is the strong performance in the low-to-mid-end segments, the analists added. This includes the cheaper Galaxy A series, Xiaomi Redmi devices and Moto G phones.
| Vendor | Q1 2024 shipments (million) | Q1 2024 market share | Q1 2023 shipments (million) | Q1 2023 market share | Growth |
| Samsung | 11.1 | 32% | 10.5 | 38% | 6% |
| Lenovo & Motorola | 5.9 | 17% | 5.9 | 21% | 1% |
| Xiaomi | 5.3 | 15% | 3.7 | 13% | 45% |
| Transsion | 3.4 | 10% | 1.1 | 4% | 215% |
| Honor | 2.6 | 7% | 0.7 | 2% | 293% |
| Others | 6.5 | 19% | 5.9 | 21% | 10% |
| Total | 34.9 | 100% | 27.7 | 100% | 26% |
Latin America is yet another market where customers are looking to experience the benefits of AI features, but given the predominance of lower-priced phones, companies face a unique challenge, noted Perez. Only 7% of smartphones were priced at $800 or above, while 82% were under $400. These AI features will take a longer time to reach low-end devices, so companies will have to align realistically to "avoid consumer disillusionment", Canalys suggests.