Apple’s (AAPL) iPhone Dominates North America While Samsung Leads Global Market

Apple’s (AAPL) iPhone led in smartphone revenue during Q3 2024 as the tech giant set records in shipments, revenue, and average selling price for the quarter, according to Counterpoint Research. Despite this, electronics company Samsung (SSNLF) retained the largest global market share at 19%, with Apple close behind at 17%. In addition, China’s Xiaomi (XIACY) held steady at 14%, while OPPO and Vivo each claimed 9%. At the same time, the “others” category accounted for 32% of all shipments.

Global smartphone shipments grew 2% year-over-year, with revenue rising 10% due to a 7% increase in average selling prices (ASP). Both revenue and ASP hit all-time highs for Q3. In North America, Apple dominated with a 53% market share, followed by Samsung at 23%, Motorola (MSI) at 14%, and Google (GOOGL) Pixel at 4%. Meanwhile, in Europe, Samsung led with a 32% market share, while Apple held 24%. Latin America also saw Samsung on top at 32%, with Motorola trailing at 21%.

Furthermore, in the Middle East and Africa, Samsung led with 23%, followed closely by Tecno Mobile at 20%. Interestingly, though, in Asia-Pacific, market leadership was more divided: Vivo held a 16% share, Xiaomi had 15%, OPPO claimed 14%, Apple held 12%, and Samsung followed at 11%. Despite strong competition, Apple’s performance helped push overall industry revenue growth due to its strength in premium markets, even as competitors retained larger shipment volumes in emerging markets.

Is Apple a Buy or Sell Right Now?

Turning to Wall Street, analysts have a Moderate Buy consensus rating on AAPL stock based on 19 Buys, seven Holds, and three Sells assigned in the past three months, as indicated by the graphic below. After a 33% rally in its share price over the past year, the average AAPL price target of $244.77 per share implies that shares are fairly valued.

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