IDC: Thailand's smartphone market to grow 17.1% in 2024

According to IDC's Global Quarterly Mobile Phone Tracker, Thailand's smartphone market is expected to ship 16.9 million units in 2024, up 17.1% year-on-year. Shipments are expected to grow 14% in the first half of 2024 and 20% in the second half. In the fourth quarter of last year, the market shipped 4.7 million units, up 27% year-on-year, with a large influx of entry-level mass-market models launched by major manufacturers.

Despite the economic downturn (GDP growth is higher than in 2023), strong push from suppliers amid intense competition and increasing financing projects support the market in 2024.

The market share of entry-level smartphones (less than $200) rose to 56.9% from 54.8% last year. On the other hand, the market share of the high-end market (more than $1,000) fell to 9% from 12% last year. Growth was particularly strong in the ultra-low-end market (less than $100) and the mid-to-high-end market (less than $400), with shares increasing from 11% to 14% and 9.5% to 12.8%, respectively. The average selling price of the entire market is $336, down 7.5% from 2024.

The share of 5G smartphones rises to 45.6% in 2023 from 43.2%, driven by lower starting prices and a wider range of affordable 5G Android models, as well as consumers' growing interest in 5G phones.

“The market rebounds strongly in 2024 after two consecutive years of decline, and vendors should continue to pursue growth,” said Apirat Ratanavichit, research analyst at IDC Thailand. “Despite macroeconomic and political uncertainties, vendors and channel partners are eyeing market opportunities from government stimulus packages and improved affordability through financing programs.”