Global smartphone shipments are projected to experience a modest rebound in 2024, according to a recent report. The market is expected to grow by 3% year-on-year, reaching 1.2 billion units. This growth will be driven by two segments: the budget segment ($150-$249) and the premium segment ($600-$799).
In the previous year, the budget segment faced challenges due to macroeconomic headwinds, particularly in emerging markets. However, in 2024, emerging markets such as India, the Middle East, and Africa are anticipated to stimulate growth in the global smartphone market. The budget-economy segment is set to rebound, experiencing an 11% year-on-year increase, primarily driven by India, MEA, and CALA markets.
Furthermore, the premium segment is expected to maintain steady growth, with a projected 17% year-on-year rise in 2024. This growth will be fueled by the introduction of GenAI smartphones and the increasing popularity of foldables.
Leading the growth in the premium segment will be Apple and Huawei. Apple’s steady demand for iPhones, particularly in emerging markets like India and MEA, will drive the company’s growth. Additionally, the report suggests that the global smartphone market has bottomed out and expects low-single-digit year-on-year increases in the future.
Overall, the projections for the global smartphone market in 2024 indicate a positive rebound, with emerging markets playing a crucial role in driving growth. The budget and premium segments are expected to be the key drivers, supported by factors such as favorable economic conditions and technological advancements. As the market continues to evolve, smartphone manufacturers will need to adapt their strategies to cater to the changing consumer demands and preferences.
According to a recent report, global smartphone shipments are expected to rebound in 2024, with a projected 3% year-on-year growth. This will result in a total of 1.2 billion units being shipped. The growth in the market will be driven by two segments: the budget segment (devices priced between $150 to $249) and the premium segment (devices priced between $600 to $799).
In the previous year, the budget segment faced challenges due to macroeconomic headwinds, particularly in emerging markets. However, in 2024, it is anticipated that emerging markets such as India, the Middle East, and Africa will stimulate growth in the global smartphone market. The budget segment is expected to experience an 11% year-on-year increase, mainly boosted by the Indian, MEA, and CALA markets.
On the other hand, the premium segment is anticipated to maintain steady growth, with a projected 17% year-on-year rise in 2024. This growth will be driven by the introduction of GenAI smartphones and the increasing popularity of foldable devices. Apple and Huawei are expected to lead the growth in the premium segment, with Apple’s steady demand for iPhones in emerging markets like India and MEA driving the company’s growth.
The report also suggests that the global smartphone market has bottomed out, and it anticipates low-single-digit year-on-year increases in the future. The positive rebound and growth in the global smartphone market in 2024 are heavily reliant on emerging markets, which are expected to play a crucial role in driving growth.
The projections for the global smartphone market indicate that the budget and premium segments will be the key drivers of growth. This growth will be supported by factors such as favorable economic conditions and technological advancements. As the market continues to evolve, smartphone manufacturers will need to adapt their strategies to cater to the changing demands and preferences of consumers.
For more information on the smartphone industry and market forecasts, you can visit the following links:
– Statista – Smartphones
– GSMA Intelligence – Research
– Counterpoint Research