The global smartphone market has witnessed a 5% year-over-year growth in Q3 2024, with Samsung and Apple dominating the top two spots, according to a recent report by Canalys. The market growth is driven by factors such as increased disposable income, improved telecom infrastructure, and affordability, leading to intense competition among mobile brands.

The top five smartphone brands in Q3 2024 are Samsung with 19% market share, Apple with 18%, Xiaomi with 14%, OPPO with 9%, and vivo with 9%. The Asia-Pacific region led the way in smartphone market growth, expanding its global market share by 10% year-over-year, followed by Latin America with a 9% growth.

The report highlights the significance of innovation and differentiation in the crowded smartphone market, as consumers struggle to navigate the vast array of options. Mobile brands are facing fierce competition, driving them to improve and differentiate their products to stand out in the market. This trend is expected to continue, with the global smartphone market projected to grow further in the coming quarters.