Counterpoint: Global smartphone market to grow 4% in 2024, demand for models priced above 1,000 yuan surges

What is your budget for replacing a new phone now? If it is less than $1,000, you are really behind. A report from research firm Counterpoint Research shows that the global smartphone market will resume growth in 2024 after two consecutive years of annual decline.

Global smartphone sales in 2024 will grow 4% year-over-year (with growth in almost all markets, led by Europe, China, and Latin America) as consumer sentiment improves compared to previous years following macroeconomic improvements. Smartphone sales in 2023 will be the lowest in a decade.

Judging from the market development trend of smartphones in the past year, the demand for ultra-high-end mobile phones has increased sharply.

Counterpoint Research pointed out in the report that in 2024, sales of ultra-high-end smartphones priced over US$1,000 (approximately RMB 7,300+) will grow the fastest as consumers tend to spend more on their next smartphone.

This is most evident with Apple. iPhone sales declined last year, but consumers are turning to Apple's ultra-premium products, which helped offset some of the decline. In markets such as China, we saw a sharp increase in the sales share of Pro series devices.

Zikuai Technology