Counterpoint: Global smartphone shipments to increase 2% year-on-year in Q3 2024

According to recent news, the latest data released by Counterpoint shows that global smartphone shipments in the third quarter of 2024 increased by 2% year-on-year, which is the fourth consecutive quarter of growth in the global smartphone market.

Counterpoint believes that although shipment growth has slowed in recent quarters, global smartphone revenue growth accelerated in the third quarter of 2024, up 10% year-on-year to reach a record high in the third quarter. Apple leads the market in smartphone revenue, accounting for 43% of the market share, and set a record high in revenue, shipments and average selling price in the third quarter.

The ≥$400 segment saw a 2% year-over-year net share increase in the third quarter of 2024 as most major brands achieved strong revenue growth. The continued premiumization trend across regions is encouraging mobile phone brand manufacturers to reconsider their premium product portfolios and device financing strategies. The premiumization trend is expected to continue in the coming years, with the global average selling price of smartphones expected to increase at a compound annual growth rate of 3% between 2023 and 2028.

The analysts said: "The global smartphone market has matured and shipments are expected to remain stable in the next few years. We expect smartphone revenue to continue to grow in 2028 as the premium trend continues across markets. New technologies such as Gen AI and foldable phones are also likely to drive average selling prices as adoption rates rise. By 2028, we expect more than half of smartphones shipped to have GenAI capabilities, and this feature will become popular across price ranges as a wider range of usage scenarios emerge."

From Global Technology