Global Smartphone Market Sees Growth in 2024

The global smartphone market is experiencing a notable resurgence in 2024, with shipments increasing by four percent compared to the previous year. This growth marks a significant turnaround after two years of decline. A recent report from a market research firm highlights that improved consumer sentiment, driven by macroeconomic recovery, has played a crucial role in this positive trend. In 2023, smartphone sales reached their lowest point in a decade, making this year’s growth particularly noteworthy. Samsung has emerged as the market leader, followed closely by Apple and Xiaomi, as consumers show renewed interest in upgrading their devices.

Samsung Leads the Market with Strong Demand

Samsung has solidified its position as the top smartphone manufacturer in 2024, capturing a 19 percent market share. The company’s success is largely attributed to the strong demand for its Galaxy S24 series and A-series smartphones. According to Tarun Pathak, Research Director at Counterpoint Research, the smartphone market began to recover in the fourth quarter of 2023 and has continued to grow for five consecutive quarters. This growth has been particularly pronounced in regions such as Europe, China, and Latin America.

The Galaxy S24 series, marketed as Samsung’s first AI smartphones, has been exceptionally well-received in Western Europe and the USA. Consumers are eager to embrace the new technology, which has contributed to Samsung’s impressive sales figures. The A-series smartphones have also played a vital role in maintaining Samsung’s market dominance. As the company continues to innovate and adapt to consumer preferences, it is likely to maintain its leading position in the market.

Apple’s Mixed Response with iPhone 16 Series

Apple ranks second in the global smartphone market with an 18 percent share, thanks to its iPhone 16 series. However, the launch of this series received a mixed response from consumers. One of the primary reasons for this lukewarm reception was the limited availability of Apple Intelligence features at launch. Despite this setback, Apple has managed to grow in non-core markets, including Latin America, Africa, and Asia-Pacific regions.

Ivan Lam, a Senior Analyst at Counterpoint Research, noted that demand for Apple’s Pro and Pro Max models is surging in markets like China. This indicates that while the iPhone 16 series may not have met expectations in some areas, there is still a strong appetite for Apple’s premium offerings. As Apple continues to expand its presence in emerging markets, it is likely to see further growth in its overall market share.

Xiaomi’s Rapid Growth and Competitive Landscape

Xiaomi has emerged as the fastest-growing brand among the top five smartphone manufacturers in 2024, securing a 14 percent market share. The company’s ability to adapt to changing consumer preferences and offer competitive pricing has contributed to its success. Alongside Xiaomi, Vivo and Oppo each hold an eight percent market share, indicating a competitive landscape among the top brands.

Despite the top five brands maintaining their positions from 2023, they have collectively lost some market share to aggressive competitors like Huawei, Honor, and Motorola. Notably, Motorola has been recognized as the fastest-growing OEM among the top ten brands this year. As competition intensifies, established brands will need to innovate and differentiate themselves to retain their market positions.

The Future of Smartphone Technology and Market Trends

The report also highlights the growing integration of Generative AI (GenAI) in premium smartphones. By 2028, it is projected that nine out of ten smartphones priced above $250 will be GenAI-capable. This technological advancement is expected to drive consumer interest and influence purchasing decisions in the coming years.

While smartphone volumes may not return to pre-COVID peak levels, revenue growth is anticipated to outpace volume growth in 2025. The report forecasts an eight percent year-over-year revenue increase, compared to a four percent growth in volume. This trend suggests that consumers are willing to invest more in premium devices, reflecting a shift in market dynamics.

 


Observer Voice is the one stop site for National, International news, Editorโ€™s Choice, Art/culture contents, Quotes and much more. We also cover historical contents. Historical contents includes World History, Indian History, and what happened today. The website also covers Entertainment across the India and World.

Follow Us on Twitter, Instagram, Facebook, & LinkedIn

Back to top button