The global smartphone market returned to growth in 2024 with a 4 percent (year-on-year) increase in sales after two consecutive years of annual decline, a report said on Monday.
Consumer sentiment has fared better than in previous years following an improving macro economy. Smartphone sales in 2023 were the lowest in a decade, according to Counterpoint Research.
“Mobile phones continue to be an important, essential product in people’s daily lives, and as macroeconomic pressures eased, the market began to show signs of recovery from Q4 2023 and has now grown for five consecutive quarters.
“Almost all markets have shown growth, led by Europe, China and Latin America,” said Research Director Tarun Pathak.
Samsung continued to lead the market in 2024, driven by strong demand for its S24 series and A-series product lines.
The S24 series, the first phone positioned as an AI device, performed better than before and was well received in Western Europe and the US, according to the report.
Apple, with an 18 percent share, took second place. Apple’s iPhone 16 series was met with a mixed response, partly due to the lack of availability of Apple Intelligence when it was launched. However, Apple continued to grow significantly in its non-core markets such as Latin America, Africa and Asia-Pacific-Others.
Xiaomi has grown rapidly among the top five brands in 2024, helped by its portfolio restructuring, premium push and aggressive expansion activities.
“OPPO came in fourth place, with a YoY decline, but ended the year with strong momentum. “vivo finished in the top five, led by a strong performance in India and China, where it finished the year as the top-ranked OEM,” the report said.
“Although GenAI-powered smartphones remain limited to the premium segment for now, we expect GenAI to become the norm in mid-range devices as well. By 2028, we expect nine out of ten smartphones priced above $250 to have GenAI capabilities,” the report said.
Sales of ultra-premium smartphones, those priced above $1000, are set to grow the fastest in 2024 as consumers show a preference for spending more on their next smartphone.
“By 2025, we expect revenue growth to continue to outpace volume growth, with revenue growing 8 percent YoY, compared to volume growth of 4 percent,” the report said.
