Global Smartphone Shipments to See Modest Rebound in 2024 (2024)

• Press releases
• / Mar 28, 2024
• / Team Counterpoint

• Global smartphone shipments in 2024 are expected to increase by 3% to reach 1.2 billion units.
• The budget-economy segment ($150-$249) is expected to rebound from a challenging 2023, driven by a recovery in the CALA, India and MEA markets.
• The premium segment ($600-$799) is projected to grow 17% YoY thanks to Apple and Huawei.
• The market seems to have bottomed out, and we expect low-single-digit YoY increases in the longer term.

Seoul, Beijing, Boston, Buenos Aires, Fort Collins, Hong Kong, London, New Delhi – March 28, 2024

Global smartphone shipments in 2024 are expected to record a modest rebound of 3% YoY to reach 1.2 billion units, according to Counterpoint Research’s Global Smartphone Shipment Forecast. The budget-economy segment ($150-$249), which shrank YoY in 2023 due to macroeconomic headwinds, especially in emerging markets, and the premium segment ($600-$799) are expected to drive this rebound.

Unlike 2023, emerging markets such as India and the Middle East and Africa (MEA) are expected to drive the global smartphone market’s growth in 2024, supported by the budget-economy segment. The robust inventory levels in Q4 2023 are also expected to help.

The budget-economy segment ($150-$249), which experienced a noticeable decline in 2023, is expected to rebound 11% YoY in 2024, primarily driven by India, MEA and CALA (Caribbean And Latin American) markets. As inflationary pressures have eased considerably across Africa, and local currencies have stabilized in many countries, the consumer purchasing power has recovered, benefiting the $150-$249 segment.

Steady investments into the MEA and CALA markets by Chinese OEMs like OPPO, vivo, Xiaomi and Transsion Group have intensified the competition, stimulating the demand for budget-economy smartphones. Alongside the recovery of demand for IT devices in emerging markets, the intensified competition between Chinese OEMs will be the main growth driver in the segment.

The premium segment ($600-$799) is expected to maintain steady growth in 2024, rising 17% YoY driven primarily by older model flagships, with flip form factors also enjoying strong YoY growth. We expect GenAI smartphones and the fold segments to help support demand in ultra-premium, especially towards the latter half of the year. From a brand perspective, Apple is likely to lead premium and ultra-premium segment growth, with emerging markets such as India and MEA driving iPhone growth, while Samsung will show slight growth in various regions. Huawei inChinawill continue to be a key factor of the growth in premium smartphone market.

For the longer term, we expect low-single-digit YoY increases for global smartphone shipments as the market seems to have bottomed out.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Follow Counterpoint Research

press(at)counterpointresearch.com

Related Posts

1. Apple iPhone Market Share: 2007 to 2023

2. China Smartphone Sales Fall 7% YoY in First 6 Weeks of 2024; Double-digit Declines for Apple, OPPO, vivo

3. Counterpoint Research Weekly Newsletter

   See Also

   These Are The Best Cell Phones for Seniors to Stay ConnectedThe Best Senior Phone Plans for 2024 (Prices and Coverage)Topic: US smartphone marketThe 7 best cell phones of 2024 go way, way beyond talking and texting

4. Europe Smartphone Shipments Down 3% YoY in Q4 2023, Signs of Recovery Ahead

5. Global Smartphone Market Share: Quarterly

6. Global Smartphone Shipments 2011 - 2023

8. In a First, Apple Captures Top 7 Spots in Global List of Top 10 Best-selling Smartphones

9. Infographic: Q4-2023 | Smartphones | Mobile Market Monitor

10. Q4 2023 Global Smartphone Sales, Top 10 Best Sellers

11. US Smartphone Market Share: Quarterly

12. US Smartphone Sales Fall 10% YoY in Jan to Reach Almost Half of 2017 Peak

• DEVICES

• Smartphones
• PCs and Tablets
• Automotive
• Wearables
• eSIM
• IoT

• ECOSYSTEM

• Ecommerce
• Operators
• Location services
• Digital services
• Artificial intelligence

• RECENT POSTS

Counterpoint Technology Market Research Limited

Registration

In order to accessCounterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal InformationWhen you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time.In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information:While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links:This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.