Global Smartphone Shipments Forecasted to Reach 1.2 Billion Units in 2024

By siliconindia  |  Friday, 29 March 2024, 01:22 IST

Global Smartphone Shipments Forecasted to Reach 1.2 Billion Units in 2024
Global smartphone shipments are anticipated to experience a modest rebound of 3% year-on-year in 2024, reaching 1.2 billion units. This growth is attributed to the budget segment ($150-$249) and the premium segment ($600-$799), which are expected to drive the resurgence.
In 2023, the budget segment faced challenges due to macroeconomic conditions, particularly in emerging markets. However, in 2024, emerging markets such as India, the Middle East, and Africa (MEA) are projected to fuel growth, supported by the budget-economy segment. Counterpoint Research notes an expected 11% year-on-year rebound in this segment, driven primarily by these markets.
Meanwhile, the premium segment is forecasted to maintain steady growth, with a 17% year-on-year increase. Factors contributing to this growth include the introduction of GenAI smartphones and the rising popularity of foldables, stimulating consistent demand for premium smartphones.
Apple and Huawei are poised to lead the growth in the premium segment. Apple is expected to benefit from steady demand for iPhones, especially in emerging markets like India and MEA. Huawei's strategies are also anticipated to contribute to the growth of the premium segment.
Also,  Research suggests a long-term outlook of low-single-digit year-on-year increases in global smartphone shipments, indicating that the market may have reached a bottom. This projection highlights a potential stabilization and gradual recovery in the smartphone market beyond 2024.