The landscape of budget smartphones is rapidly evolving, with 5G technology making a significant impact. In Q2 2024, budget smartphones priced under $150 are increasingly integrating 5G capabilities, highlighting a shift toward more advanced features in affordable devices. This article explores the latest trends, market growth, and leading brands in the budget smartphone segment.

Key Points

Significant Market Growth: Global budget smartphone sales exceeded 100 million units in Q2 2024, marking a 10% year-over-year (YoY) increase.

High Market Share: Budget smartphones now account for 37% of global smartphone sales, driven by strong performance in emerging markets.

5G Adoption: 5G devices represent 24% of the budget smartphone market, reflecting a 2.5-fold increase in volume annually.

Top Performers: Xiaomi, Samsung, and OPPO dominate the budget segment, with Xiaomi’s Redmi 13C 4G leading sales.

Market Consolidation: The number of active budget smartphone models has halved since 2018, indicating a trend toward fewer, more popular models.

Market Growth and Trends

In Q2 2024, budget smartphones experienced a notable surge in sales, surpassing 100 million units and marking a 10% YoY increase. According to Counterpoint Research, these devices now represent 37% of global smartphone sales, a significant share driven by emerging markets, which contribute 75% of the segment’s total sales. The growing trend of incorporating high-end features into budget models reflects the smartphone industry’s maturity and evolving consumer preferences.

Leading Budget Smartphones

The top 10 budget smartphones accounted for 25% of the market in Q2 2024, up from 21% the previous year. Market consolidation is evident, with the number of active models decreasing to just over 1,500 half of the 2018 figure. Xiaomi, Samsung, and OPPO lead the segment, with Xiaomi’s Redmi 13C 4G emerging as the best-seller. Other popular models include the Samsung Galaxy A05 and A15 4G.

The Rise of 5G in Budget Smartphones

A noteworthy trend is the increasing adoption of 5G technology in budget smartphones. In Q2 2024, 5G devices represented 24% of the budget smartphone segment, a 2.5-fold increase in volume from the previous year. This shift is driven by markets like India and China, where 5G is becoming standard in affordable devices. The Xiaomi Redmi 13C 5G, launched in December 2023, is among the first 5G budget smartphones to make a significant impact, followed by models such as the Xiaomi Redmi 12 5G and realme 12x.

Conclusion

The budget smartphone market is transforming with the integration of 5G technology, offering advanced features at affordable prices. The impressive growth and increased 5G adoption signal a promising future for budget devices, as manufacturers focus on delivering high-value options to a wider audience. As the market continues to evolve, consumers can expect more innovations and competitive offerings in the budget segment.