Counterpoint: Global smartphone revenue to grow 5% year-on-year in 2024

Counterpoint's latest research shows that global smartphone revenue will grow 5% year-on-year in 2024, ending two consecutive years of decline, while the global average selling price climbs to a record high of US$356. In addition, global smartphone shipments also grew two years later as global macroeconomic conditions and consumer confidence improved, leading to 5G adoption and upgrades with features such as better cameras and faster processors.

Commenting on the market dynamics in 2024, Shilpi Jain, Senior Analyst at Counterpoint, said, “There are many positives for the smartphone market in 2024 as ASP and shipments grow. Revenue growth continues to outpace shipment growth and ASPs continue to reach new record levels, driven by OEMs’ increasing focus on the premium segment, consumer desire for premium devices, and rising input costs. Looking ahead, smartphone shipments are likely to grow by a single-digit percentage in 2025, while ASP and revenue will continue to outpace shipment growth. Low-cost 5G and the expansion of GenAI into lower price segments are key trends to watch out for in 2025.”

Samsung maintained its dominance in the global smartphone market in terms of shipments, despite facing a small decline in 2024. The brand's decline in shipments was offset by an increase in ASP, which outperformed the market and helped its revenue grow 2% year-on-year. This was driven by the S24 series, which outperformed its predecessor. Samsung has been leading the AI ​​narrative in the premium market.

Among the top five OEMs, Vivo has the fastest global revenue growth (20% year-over-year), driven by its success in China and India. The brand ranks first in shipments in these markets in 2024.

Xiaomi's global shipments grew 16% year-on-year, making it the fastest-growing brand among the top five OEMs. This was driven by its streamlined product portfolio, more affordable 5G launches, and expansion into Latin America, the Middle East, and Africa. Xiaomi also performed well in the high-end market in China. Xiaomi's entry into the automotive industry also helped boost its brand image.

Although the global smartphone market as a whole shows signs of maturity, reflected in its slow growth and extended replacement cycles, there is still potential for further growth in the coming years. Emerging markets such as the Middle East and Africa, Latin America, India, and Southeast Asia are expected to be the main growth drivers.