Global Smartphone Market Grew 4 Percent YoY in 2024: Counterpoint

[ad_1] Smartphone shipments globally elevated by 4 % on a year-over-year foundation in 2024, in line with a report by a market analysis agency. Samsung claimed the highest spot in market share, adopted by Apple and Xiaomi. The report added that that is the primary YoY market progress after "two consecutive years of annual declines." The expansion was chalked as much as higher shopper sentiment than in earlier years because of macroeconomic enhancements. Notably, world smartphone gross sales in 2023 have been the bottom in a decade.

Samsung Galaxy S24 Sequence Fashions Outperformed Older Fashions in 2024 Based on a Counterpoint Analysis report based mostly on preliminary outcomes from Counterpoint Analysis's Market Pulse, world smartphone shipments grew 4 % in 2024 over its 2023 numbers. Analysis Director Tarun Pathak mentioned that 2024's smartphone markets noticed restoration and normalisation, "as macroeconomic pressures softened."

The market began displaying indicators of restoration within the fourth quarter of 2023, in line with Pathak, and it has continued to develop for 5 consecutive quarters. He added that the majority markets confirmed progress, led by Europe, China and Latin America.

Samsung held the highest spot with a 19 % market share, led by "sturdy demand" for its Galaxy S24 collection and A-series smartphones, in line with the market analysis agency. The Galaxy S24 collection fashions, positioned as the corporate's first AI smartphones, outperformed older fashions and have been "acquired particularly effectively" in Western Europe and the USA.

Apple was in second place with an 18 % market share. The iPhone 16 collection acquired a blended response, and it was partially "because of an absence of availability of Apple Intelligence at launch." The corporate, nonetheless, continued to develop effectively in its "non-core markets like Latin America, Africa and Asia-Pacific-Others." Senior Analyst at Counterpoint Analysis, Ivan Lam famous that in markets like China, demand for Apple's Professional and Professional Max fashions is "ballooning."

With a 14 % market share, Xiaomi got here in third, but it surely was the fastest-growing model among the many high 5 OEMs in 2024, which included Vivo and Oppo, with eight % market share every.

Though the highest 5 manufacturers remained the identical as 2023, they collectively misplaced some share to "aggressive competitors from Huawei, Honor and Motorola, in line with the analysis agency. The latter is claimed to be the fastest-growing OEM amongst all the highest 10 manufacturers of the 12 months.

The report added that 2024 introduced GenAI to premium smartphones and by 2028, 9 out of ten smartphones priced above $250 (roughly Rs. 21,700) are anticipated to be GenAI-capable.

Smartphone volumes are unlikely to succeed in the height ranges seen in pre-COVID occasions, however in 2025, the income progress is predicted to proceed to outpace quantity progress, with revenues rising 8 % YoY, in comparison with 4 % quantity progress.