Global smartphone market to rebound in 2024, led by premium and budget segments: Report

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Global smartphone shipments in 2024 are expected to increase by 3 per cent to reach 1.2 billion units, according to Counterpoint Research. As per the report, the budget-economy segment ($150 – $249) is expected to rebound from a challenging 2023, driven by a recovery in emerging markets like India, CALA, and MEA. Furthermore, Counterpoint says that the premium segment ($600-$799) is also projected to grow considerably, courtesy of Apple and Huawei. Let’s take a closer look at the forecast.

Global smartphone market shipments

According to the research firm, global smartphone shipments will record a modest rebound of 3 per cent, driven by a recovery in the budget economy ($150 – $249) in emerging markets as well as the premium segment ($600 – $799).

The budget economy segment registered a considerable decline in 2023 but is expected to rebound 11 per cent YoY in 2024, primarily driven by India, the Middle East and Africa, and the Caribbean and Latin America. As per the report, the intensified competition between Chinese OEMs in the emerging markets will be the main growth driver in this segment alongside a recovery of demand for IT devices.

The premium segment is expected to maintain steady growth in 2024, rising 17 per cent YoY, as per Counterpoint. The firm says that the introduction of GenAI smartphones and the popularity of foldables, in particular, will emerge as the driver for a consistent demand for premium smartphones.

Notably, Apple and Huawei are expected to lead the premium segment’s growth. The Cupertino-based giant is said to receive steady demand for iPhones, particularly in emerging markets such as India and MEA to help drive Apple’s growth. Huawei, meanwhile, is expected to retain its strong presence in China’s smartphone market in 2024. Counterpoint expects the Chinese behemoth to see a sturdy demand in China for Huawei phones with the release of its 5G Kirin chipset.

As the market seems to have bottomed out, the research firm expects to see low-single-digit YoY increases for global smartphone shipments for the longer term.

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