New Delhi, Oct 15 (IANS): Global smartphone market grew 2 per cent in the July-September period – the first year-on-year growth in a third quarter since Q3 2018 -- as Apple became the biggest brand in September helped by early launch of iPhone 16, according to a new report on Tuesday.

This was the global smartphone market’s fourth consecutive quarter of growth, a testament to the ongoing market recovery, according to Counterpoint Research’s Smartphone 360 Tracker.

Apple’s sales grew 1 per cent in Q3, and it established itself as the biggest brand globally in September, helped by the iPhone 16 launch, despite iPhone 16 series sales remaining flat.

The market has remained stable in 2024, rebounding from the lowest sales in a decade as consumer sentiment and macroeconomic factors continue to fare better than last year. Most markets recovered in Q3 led by Western Europe, Latin America (LATAM) and Japan, all recording double-digit YoY percentage growth.

Research Director Tarun Pathak said that ass smartphone players have benefitted from the recovering market in 2024, and the top 10 brands have all consolidated share.

“Samsung and Apple retained the top two spots in Q3 2024, followed by Xiaomi, OPPO and vivo. Samsung led the market with a 19 per cent share, thanks to sustained A-series demand and better performance of the S24 series,” Pathak added.

“Even as the iPhone 16 series saw flat sales initially, we expect the demand for iPhone 16 series to remain stable due to the large installed base of iPhone users,” he added.

Growth in smartphone sales volumes is slowing due to lengthening holding periods and maturing consumer base.

Nevertheless, consumers are spending more than ever on new smartphones, leading to value growth in the industry, said the report.

“One of four consumers buying a smart phone in 2024 will spend more than $600. This is the segment where new technologies like Gen AI will make a difference,” said the report.