Counterpoint Research: Global smartphone shipments are set to grow by 4% YoY in 2024, marking a rebound from two years of decline.

According to preliminary data from Counterpoint Research's monthly mobile phone sales report, the global smartphone market rebounded in 2024 after two consecutive years of decline. Global smartphone sales grew by 4% YoY in 2024, driven by the recovery of consumer confidence after the improvement of the macro economy. The smartphone sales had hit a decade-low in 2023.

Tarun Pathak, research director at Counterpoint Research, commented on the market dynamics: "2024 was a year of recovery and normalization after the tough times in 2023. Smartphones remain a necessity in people's daily lives, and the market showed signs of recovery from the fourth quarter of 2023 as macroeconomic pressures eased, and it has grown for five consecutive quarters. Almost all markets showed growth, especially in Europe, China, and Latin America."

Samsung continued to lead the market in 2024, mainly due to strong demand for its S24 series and A-series product lines. The S24 series, the first phone positioned as an AI device, surpassed its predecessors, especially in Western Europe and the US markets. Apple ranked second with a 18% market share. The iPhone 16 series from Apple received mixed reactions, partly due to availability issues at launch time from Apple Intelligence. However, Apple's growth momentum in non-core markets such as Latin America, Africa, and other regions in Asia-Pacific remained strong.

GenAI technology, which has the potential for a revolutionary impact, first entered the smartphone market in 2024. Although currently, GenAI-enabled smartphones are limited to the high-end market, it is expected that GenAI will become a standard configuration for mid-range devices as technology develops. By 2028, it is estimated that over 90% of smartphones priced above $250 will have GenAI capabilities.

Although smartphone sales may struggle to regain the peak levels seen before the pandemic, the trend towards premiumization has driven average selling prices higher, leading to continued growth in overall market revenue. The fastest-growing segment in 2024 was ultra-premium smartphones priced above $1,000, indicating consumers' willingness to invest more in their next phone. The trend is supported by the proliferation of device subsidies in developed markets and low-cost installment loan financing plans in emerging markets. It is expected that smartphone revenue will continue to outpace sales growth, with revenue growth estimated at 8% YoY compared to 4% growth in sales in 2025.