A recent report has revealed that the global smartphone market is set to experience a modest recovery, with shipments expected to grow by 3% year-on-year in 2024. This growth will result in a total of 1.2 billion units being shipped worldwide. The report, released by market research firm Counterpoint Research, highlights that the rebound will be primarily driven by the budget and premium segments of smartphones.
In the past year, global smartphone shipments experienced a decline of over 4%, with consumers tightening their spending due to economic uncertainty. However, the upcoming recovery is expected to be fueled by the budget segment ($150-$249) and the premium segment ($600-$799) of smartphones.
Counterpoint Research predicts that the budget segment, which faced a decline in 2023 due to macroeconomic challenges in emerging markets, will see an 11% increase in demand in 2024. The Caribbean and Latin American regions, in particular, are expected to drive this growth. This segment, comprised of phones priced between $150 and $249, is anticipated to benefit from the alleviation of inflation in regions like Africa and the stabilization of local currencies.
On the other hand, the premium segment is projected to experience steady growth, with a year-on-year increase of 17% in 2024. Tech giants Apple and Huawei are expected to spearhead this growth, with Apple’s sustained demand for iPhones in emerging markets like India and the Middle East. Apple’s expansion, along with the rise of Chinese tech behemoth Huawei, will contribute significantly to the growth of the premium segment.
In conclusion, the global smartphone market is poised for a recovery in 2024, driven by the budget and premium segments. Emerging markets, such as India, the Middle East, and Africa, will play a crucial role in this growth, particularly in the budget-economy segment. The report provides a positive outlook for the smartphone industry, highlighting the potential for expansion and innovation in the coming years.
The global smartphone industry is set to experience a recovery in the coming years, as shipments are projected to grow by 3% year-on-year in 2024, according to a report released by Counterpoint Research. This growth is expected to result in a total of 1.2 billion units being shipped worldwide. The recovery is primarily attributed to the budget and premium segments of smartphones.
In the past year, the global smartphone market faced a decline of over 4% as consumers tightened their spending amid economic uncertainty. However, the upcoming recovery is predicted to be driven by the budget segment (phones priced between $150 and $249) and the premium segment (phones priced between $600 and $799).
Counterpoint Research forecasts an 11% increase in demand for the budget segment in 2024. This growth is expected to be particularly driven by the Caribbean and Latin American regions. The segment will benefit from the alleviation of inflation in regions like Africa and the stabilization of local currencies, which will boost affordability.
Meanwhile, the premium segment is projected to experience steady growth with a year-on-year increase of 17% in 2024. Apple and Huawei are expected to lead this growth. Apple’s sustained demand for iPhones in emerging markets like India and the Middle East will contribute significantly, while Huawei’s expansion will also play a crucial role. Both companies will drive innovation and competition in the premium segment.
Overall, the recovery of the global smartphone market provides a positive outlook for the industry. The report highlights the potential for expansion and innovation in the coming years, particularly in emerging markets such as India, the Middle East, and Africa. The budget and premium segments are expected to spearhead this growth, offering opportunities for smartphone manufacturers to meet the evolving needs of consumers.
To learn more about the global smartphone market and its forecasted growth, you can visit the Counterpoint Research website. Their research and analysis provide valuable insights into the industry’s trends, challenges, and opportunities.