LATAM smartphone shipments increased 10.9% YoY in Q1 2023 after four straight quarters of decline, according to Counterpoint Research’s Q3 2023 Market Monitor Service. Smartphone shipments in the region are finally returning to growth. It increased by 8.7% QoQ. 

Commenting on the market dynamics, Counterpoint's Principal Analyst Tina Lu said, “Most of the top-selling brands saw an increase in volume in Q3 2023. This growth was driven by OEMs starting their shipment early for the holiday season, which starts in November for most of the countries in the region. Some OEMs have also shifted their strategy to increase the availability of entry-level price band models, sacrificing value for volume. Brazil, Mexico, and some Central American countries were driving the growth of the region. Brazil’s local manufacturing continued to decrease. However, the grey market managed to fill this gap and even expand the market.”

Apple's CEO, Tim Cook, stated in his opening commentary for Apple's Fiscal Q4 Financial Conference Call that "iPhone revenue came in ahead of our expectations, setting a September quarter record, as well as quarterly records in many markets, including China mainland, Latin America, the Middle East, South Asia, and an all-time record in India."

According to Counterpoint's LATAM shipment chart below, Apple grew its market share from 3.9% in Q3-2022 to 5.8% in Q3-2023.

(Click on the chart below to Enlarge)

According to Counterpoint, "Apple’s volume and share increase were driven by the iPhone 11 and increasing promotions. The OEM has been handing out promotions prior to the launch of the iPhone 15. The new launch did not influence the Q3 2023 market as Mexico was the only country in the region to have the iPhone 15 launched at the same global launch date (September 22). Brazil and Colombia got it on September 29, while the rest got it in October."