Counterpoint: Global smartphone shipments are expected to reach 1.2 billion units in 2024, a slight rebound of 3% year-on-year

Research firm Counterpoint Research predicts that global smartphone shipments will rebound slightly by 3% year-on-year to 1.2 billion units in 2024. The economical segment ($150-249) and the high-end segment ($600-799) are expected to drive this rebound in 2023.

Steady investments by Chinese OEMs such as OPPO, vivo, Xiaomi, and Transsion Group in the MEA and CALA markets (Caribbean and Latin America) have intensified competition and fueled demand for budget smartphones. The budget economy segment ($150-249) market is expected to rebound by 11% year-on-year in 2024.

The premium segment ($600-799) is expected to maintain steady growth in 2024, up 17% year-over-year, driven by older flagship models, as well as the development of generative AI smartphones and foldable phone segments. From a brand perspective, emerging markets such as India, the Middle East, and Africa will drive growth in Apple iPhone sales, and Huawei in China will continue to be a key factor in the growth of the premium smartphone market.

Counterpoint said that in the long run, global smartphone shipments are expected to see single-digit year-on-year growth as the market bottoms out.

Currently, various manufacturers are also actively seeking business breakthroughs. Manufacturers represented by OPPO and Meizu have recently announced the development direction of "All in AI"; manufacturers represented by Huawei and Xiaomi have begun to enter the automotive market; Apple has begun to seek opportunities for the development of the MR market.

From TechWeb