According to a recent report released by market research firm Counterpoint Research, global smartphone shipments are expected to reach 1.2 billion units in 2024, a slight rebound of 3%.
The agency believes that the two major factors driving the growth of smartphone shipments this year are the budget market ($150 to $249) and the high-end market ($600 to $799).
Budget phone market ($150 to $249)
The agency believes that the budget phone market will see growth this year, driven by emerging markets such as India, the Middle East and Africa (MEA), and the Caribbean and Latin America (CALA), rebounding 11% year-on-year.
As inflationary pressures across Africa have greatly eased, local currencies in many countries have stabilized, and consumer purchasing power has recovered, driving a rapid recovery in this segment of the phone market.
Steady investment in markets in the Middle East, Africa and Latin America by Chinese OEMs such as OPPO, vivo, Xiaomi and Transsion Group has intensified market competition and spurred demand for affordable smartphones.
As demand for IT equipment revives in emerging markets, increasing competition among Chinese OEM manufacturers will be a key growth driver for this segment.
High-end phone market ($600-$799)
The agency predicts that the high-end market ($600-$799) will maintain steady growth in 2024, with a year-on-year growth of 17%. In particular, the launch of GenAI smartphones and the popularity of foldable phones will spur continued demand for high-end smartphones.
Apple and Huawei are likely to lead the growth in the high-end market. Steady demand for iPhones, especially in emerging markets such as India and the Middle East and Africa, will drive Apple’s growth.
Huawei is expected to maintain its strong position in the Chinese smartphone market in 2024. With the launch of 5G Kirin chipsets, the brand will continue to see strong demand in China.
Longer term, we expect global smartphone shipments to post low-single-digit sequential growth as the market appears to have bottomed out.
