Counterpoint Research has released a forecast predicting a 3% increase in global smartphone shipments for 2024. Despite a challenging year in 2023, the budget-economy segment ($150 – $249) is expected to rebound, driven by emerging markets such as India, CALA, and MEA. Additionally, the premium segment ($600-$799) is projected to experience significant growth due to the introduction of GenAI smartphones and the rising popularity of foldables.
The research firm anticipates that global smartphone shipments will reach 1.2 billion units by 2024. The budget-economy segment, which faced a decline in 2023, is projected to rebound by 11% YoY as a result of recovery in emerging markets. Countries like India, the Middle East and Africa, and the Caribbean and Latin America are expected to be the main drivers of growth in this segment.
Furthermore, the premium segment is set to grow by 17% YoY. The demand for these high-end devices will be fueled by the introduction of GenAI smartphones and the increasing popularity of foldable phones. Apple and Huawei are two key players expected to contribute significantly to this growth.
Counterpoint Research’s forecast for 2024 presents opportunities and challenges for smartphone manufacturers. Emerging markets, with their increasing purchasing power and demand for affordable devices, offer a lucrative market for companies targeting the budget-economy segment. On the other hand, the premium segment presents opportunities for innovation and technological advancements that cater to consumers’ desire for cutting-edge features and designs.
Overall, the projected increase in global smartphone shipments in 2024 indicates a positive outlook for the industry. As emerging markets continue to expand and demand for premium devices rises, manufacturers will need to adapt their strategies to seize these opportunities.
According to Counterpoint Research, the global smartphone industry is expected to see a 3% increase in shipments by 2024. This forecast comes after a challenging year in 2023, highlighting the resilience and potential growth of the market.
One of the key drivers of this growth is the rebound of the budget-economy segment, which is expected to experience an 11% year-on-year increase. This recovery is fueled by emerging markets such as India, CALA (Caribbean and Latin America), and MEA (Middle East and Africa). These regions, with their increasing purchasing power and demand for affordable devices, present a promising opportunity for smartphone manufacturers targeting the budget segment.
The premium segment, on the other hand, is projected to grow by 17% year-on-year. This growth is attributed to the introduction of GenAI smartphones and the rising popularity of foldable phones. These high-end devices offer cutting-edge features and designs, catering to consumers’ desire for innovation. Apple and Huawei are expected to be major players contributing to the growth of this segment.
While this forecast presents opportunities for smartphone manufacturers, it also poses challenges. Companies targeting the budget-economy segment will need to focus on catering to the needs and preferences of customers in emerging markets. Understanding the unique demands of these regions will be crucial for success.
For manufacturers in the premium segment, the challenge lies in delivering innovative and technologically advanced devices. Keeping up with consumer expectations and staying ahead of the competition will be key in capturing market share.
In conclusion, the forecasted increase in global smartphone shipments for 2024 indicates a positive outlook for the industry. The rebound of the budget-economy segment in emerging markets and the growth of the premium segment present both opportunities and challenges for smartphone manufacturers. Adapting strategies and focusing on customer needs will be essential in seizing these opportunities and maintaining a competitive edge in the market.
Sources: Counterpoint Research