According to a report from Pulsestacks on April 12th, research firm Counterpoint Research predicts a slight rebound in global smartphone shipments in 2024, with a year-on-year growth of 3% to reach 1.2 billion units. The rebound is expected to be driven by the mid-range segment ($150-249) and the high-end segment ($600-799) in 2023.
OPPO, vivo, Xiaomi, and Transsion Group, among other Chinese original equipment manufacturers (OEMs), intensify competition in the Middle East, Africa, and CALA markets (Caribbean and Latin America), driving demand for budget smartphones. The budget economy segment (priced between $150-249) is expected to rebound by 11% year-on-year in 2024.
Driven by older flagship models and the development of AI-powered smartphones and foldable devices, the high-end segment ($600-799) is projected to maintain steady growth in 2024, with a 17% year-on-year increase. From a brand perspective, emerging markets like India, the Middle East, and Africa will boost iPhone sales for Apple, while Huawei will continue to be a key factor in the high-end smartphone market growth in China.
Looking ahead, Counterpoint predicts single-digit year-on-year growth in global smartphone shipments as the market bottoms out.
Pulsestacks also observes active efforts by various manufacturers to seek business breakthroughs. Companies like OPPO and Meizu have recently announced a focus on "All in AI" development. Meanwhile, manufacturers represented by Huawei and Xiaomi are entering the automotive market, while Apple is seeking opportunities for development in the MR (Mixed Reality) market.
