According to a report released by market research firm Counterpoint Research, global smartphone shipments are estimated to reach 1.2 billion units in 2024, marking a slight rebound of 3%.
The agency identifies two key drivers behind the growth in smartphone shipments this year: the budget market ($150 to $249) and the high-end market ($600 to $799).
Budget Smartphone Market ($150 to $249) The agency observes growth in the budget smartphone market, particularly driven by emerging markets like India, the Middle East and Africa (MEA), and the Caribbean and Latin America (CALA), rebounding by 11% year-on-year.
With significant easing of inflationary pressures across Africa and stabilization of local currencies in many countries, consumers' purchasing power has rebounded, leading to a rapid recovery in this segment of the smartphone market.
Steady investments from Chinese OEM manufacturers such as OPPO, vivo, Xiaomi, and Transsion Group in markets like the Middle East, Africa, and Latin America intensify market competition, stimulating demand for budget smartphones.
As emerging markets witness a resurgence in demand for IT devices, intensified competition among Chinese OEM manufacturers will be a key growth driver for this segment.
High-End Smartphone Market ($600-799) The agency forecasts stable growth in the high-end market ($600-799) in 2024, with a projected 17% year-on-year increase. The launch of GenAI smartphones and the proliferation of foldable phones will particularly drive sustained demand for high-end smartphones.
Apple and Huawei are likely to lead the growth in the high-end market. Stable demand for iPhones, especially in emerging markets like India, the Middle East, and Africa, will propel Apple's growth.
Huawei is expected to maintain its strong position in the Chinese smartphone market in 2024. Demand for the brand in China will continue to be robust with the release of the 5G Kirin chipset.
Looking ahead, with the market seemingly bottoming out, we anticipate low single-digit sequential growth in global smartphone shipments.
For reference, please find the report here.
