Apple was fastest growing Latin American smartphone vendor in Q1

31% growth in a flat market

The Latin American smartphone market grew 3% year over year in 1Q 2026 to 34.8 million units, supported by proactive inventory accumulation and the delayed pass-through of rising memory costs. Omdia analyzes the market’s uneven vendor performance, as Samsung and Xiaomi strengthened their leading positions, while HONOR and Apple saw sharp growth supported by entry-level and premium demand, respectively.

Samsung led the region, shipping 12.9 million units (+9% YoY) and lifting share to 37%, its highest quarterly level since 1Q 2023, supported by strong performance of A‑series models across low‑end and mid‑high segments. Xiaomi held second, marking a sixth consecutive quarter of growth with 6.0 million units and 17% share, driven by double‑digit gains in Central America and Peru and solid traction of the Redmi Note 15 series in the mid‑high range. Motorola ranked third, contracting 5% YoY to 4.9 million units and 14% share, largely reflecting a 37% drop in shipments of US$100–US$200 devices, where G06 and G17 are key models. HONOR consolidated in fourth with 30% YoY growth to 3.4 million units and a 10% share, propelled by its Play 10 in the entry segment (below US$100), which approached half a million units sold for the first time.

Apple completed the top five with a 31% YoY increase, supported by an exceptional performance in Mexico (+80% YoY) and robust reception of the iPhone 17 series.

Source: Omdia

NB: Apart from Nubia(?) with 1% share, Apple was the fastest growing vendor in a flat market. Note the price points…

…The entry segment is below $100 and the next is $100 to $200. I doubt the average price is much above $200. The whole market was 34.8 million units suggesting Apple's share is 1.74 million units.

Given the data, the following graphs suggest how the available profits are allocated.

 

I took the liberty of estimating a change in gross margin as memory surcharges are taken into consideration (hence a future-looking estimate for next few quarters.) That is shown in the last graph.

At present, Apple captures about 50% of available gross margin in the sector.

Subsequent quarters might show Apple capturing 100% of the profits and a questionable sustainability of the market whereby all other vendors lose money on every phone they sell. Whether they continue to participate under these conditions remains to be seen.