From www.gsmarena.com

After two consecutive years of decline, the global smartphone market is finally recovering. Throughout 2024, smartphone OEMs worldwide recorded 4% growth year-over-year. 2023 was the year with the lowest demand in a decade, so it was about time to see signs of recovery.

Analysts at Counterpoint say the softening economic pressure worldwide and the introduction of AI-powered features are the main drivers for the 2024 growth. Almost all markets recorded a positive trend, with Europe, China and Latin America leading the pack.

Global smartphone market recovers in 2024, premium segment with the highest growth

Samsung continues to lead with 19% market share thanks to particularly strong demand for the current Galaxy S24 series and some A series models. Western Europe and the US seem to favor Samsung the most.

Apple takes the second spot but recorded a modest 2% decline in overall sales throughout 2024. That’s because the iPhone 16 series didn’t sell as well as expected. On the other hand, consumers have a strong preference for the premium 16 Pro and 16 Pro Max models, which allow the company to increase revenue despite declining sales.

This aligns with a broader market trend as consumers continue to seek more premium solutions. The average selling prices continue to grow, which means more revenue for the manufacturers. In fact, the above $1,000 bracket grew the fastest last year.

Back to the smartphone makers, we see strong growth from Xiaomi, with a 12% increase in sales and still occupying the third spot in the ranking. Vivo recorded 9% growth, while Oppo saw a 8% decline overall, but it got renewed momentum toward the end of 2024.

Even though stats are optimistic, analysts are skeptical of a full market recovery in 2025, meaning they don’t expect pre-pandemic sales just yet.

Source

[ For more curated tech news, check out the main news page here]

The post Counterpoint: Global smartphone market recovers in 2024, premium segment grows the most first appeared on www.gsmarena.com

New reasons to get excited everyday.



Get the latest tech news delivered right in your mailbox

You may also like

Subscribe
Notify of
0 Comments
Newest
Oldest Most Voted
Inline Feedbacks
View all comments

More in Tech News