A new analytical report from Counterpoint reveals that Latin America’s (LATAM’s) smartphone shipments increased by 14.5% YoY in Q2 2024. LATAM continued to lead in growth, outpacing all other regions for the second consecutive quarter.

All the LATAM countries, except for Argentina, saw growth. Argentina’s economy continues to be heavily impacted by last year’s economic crisis. Smaller markets like Central America, the Caribbean and Venezuela saw the highest growth. Fierce competition among Chinese brands is fueling market growth in LATAM while helping them expand their market share.

During Apple's Financial Conference Call, CEO Tim Cook stated: "We also set quarterly revenue records in more than two dozen countries and regions, including Canada, Mexico, France, Germany, the UK, India, Indonesia, the Philippines, and Thailand.

This was confirmed in today's report wherein Apple grew 44% YoY with Brazil and Mexico driving Apple’s volume in the LATAM region. Apple is using aggressive pricing strategies for its locally assembled legacy models. Apple’s 4G model sales are declining sharply and 5G models will soon have more share in its sales.

Samsung remained the region’s absolute leader. One out of three smartphones sold in the region was from Samsung. However, it declined in both volume and share due to relentless competition from Chinese brands in the mid-price and low-mid-price segments.

Motorola’s sales volume increased by almost 14% compared to the same quarter last year, but its market share declined slightly. Motorola is rationalizing the number of models in its portfolio, while aggressively pursuing the Mexico, Brazil and Argentina markets.

Xiaomi’s sales rose both YoY and QoQ. The brand is slowing down in the grey market in Brazil and the Southern Hemisphere. However, during the quarter, it gained sales volume in Mexico, Venezuela and Central America.