Global Smartphone Shipments May Rebound In 2024

Led By Premium And Budget-Economy Segments

Despite the challenges faced in the previous year, the smartphone market worldwide is showing remarkable resilience.

According to a recent forecast by Counterpoint Research, global smartphone shipments are anticipated to witness a modest upswing of 3% year-on-year, reaching a substantial 1.2 billion units in 2024.

The rebound is primarily attributed to the resurgence of the premium and budget economy segments following a challenging year in 2023.

In particular, the budget-economy segment, comprising smartphones priced between $150 and $249, is poised to recover from its previous setbacks, boosted by a revitalisation in critical markets such as CALA (Caribbean And Latin American), India, and MEA (Middle East and Africa).

Emerging markets, which faced macroeconomic pressures in the previous year, are now poised for a significant rebound.

Buoyed by budget-friendly smartphone offerings, they are expected to drive growth in 2024. Factors such as stabilising local currencies and improved consumer purchasing power have contributed to this segment’s resurgence, especially in African regions.

Intense Competition

Moreover, intensified competition among Chinese Original Equipment Manufacturers (OEMs), including Oppo, Vivo, Xiaomi, and Transsion Group, is anticipated to fuel demand for budget-economy smartphones further.

This competitive landscape, coupled with a rebound demand for IT devices in emerging markets, is expected to be a significant growth driver.

Meanwhile, the premium segment, encompassing smartphones priced between $600 and $799, is forecasted to experience a robust 17% year-on-year growth in 2024.

This growth trajectory is primarily attributed to the sustained demand for older model flagships and flip form factors. Innovations such as GenAI smartphones and foldable devices are expected to stimulate demand, particularly in the ultra-premium category.

In the premium segment, all eyes are on Apple and Huawei. These two giants are poised to lead the charge, with Apple projected to see growth driven by emerging markets like India and MEA, while Huawei remains influential in its home market of China.

Counterpoint Research expects the global smartphone market to continue its gradual recovery, with anticipated low-single-digit year-on-year shipment increases in the foreseeable future.

Featured image: Apple is projected to see growth driven by emerging markets like India and MEA. Credit: Daniel Romero