Global Smartphone Market Sees a Revival with 4% Sales Growth in 2024
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New Delhi, Jan 13 (NationPress) The global smartphone market has made a comeback in 2024, demonstrating a 4% increase in sales compared to the previous year, following two years of consecutive annual downturns, as highlighted in a report released on Monday.
Improved consumer sentiment, driven by better macroeconomic conditions, has positively influenced the market. Sales figures in 2023 were reported as the lowest in a decade, according to Counterpoint Research.
“Smartphones remain a vital part of daily life for consumers, and with the easing of macroeconomic challenges, the market began to show recovery signs from Q4 2023, now recording growth for five consecutive quarters. Growth was seen across nearly all markets, spearheaded by Europe, China, and Latin America,” stated Research Director Tarun Pathak.
Samsung retained its position as the market leader in 2024, driven by robust demand for its S24 series and A-series product lines. The S24 series, which is the first smartphone marketed as an AI device, surpassed its predecessors and garnered especially favorable reviews in Western Europe and the US, as per the report.
Apple ranked second with an 18% market share. The iPhone 16 series received a mixed reception, partly due to limited availability of Apple Intelligence at launch. However, Apple managed to see strong growth in emerging markets like Latin America, Africa, and Asia-Pacific-Others.
Xiaomi was the fastest-growing brand among the top five in 2024, benefiting from its strategic portfolio realignment, premium product offerings, and aggressive market expansion.
“OPPO secured the fourth position, experiencing a year-on-year decline but ended the year with increased momentum. vivo completed the top five, performing strongly in India and China, where it ranked as the leading OEM by year-end,” the report elaborated.
“While smartphones capable of GenAI are currently limited to the premium segment, we anticipate that GenAI will become standard in mid-range devices as well. By 2028, we predict that 90% of smartphones priced above $250 will be GenAI-capable,” the report stated.
Sales of ultra-premium smartphones, priced above $1000, showed the fastest growth in 2024 as consumers opted to spend more on their next devices.
“In 2025, we project revenue growth to continue exceeding volume growth, predicting an 8% year-on-year revenue increase, contrasted with 4% volume growth,” the report concluded.
