TechInsights reports a 2.6% YoY growth in global smartphone shipments in Q4 2024, marking a sustained recovery for five consecutive quarters.

TechInsights reported that global smartphone shipments grew 2.6% YoY to 325.3 million units in Q4 2024, maintaining a recovery trend for five consecutive quarters. However, the growth rate has slowed down to low single-digit for two consecutive quarters. Global smartphone wholesale revenue reached US$120bn, up 0.8% YoY. The average selling price (ASP) of smartphones fell 1.7% YoY to US$369. Global smartphone shipments grew 5.7% YoY to 121.78mn units in 2024, and the wholesale revenue of smartphones grew 2.6% YoY to US$408bn. The ASP of smartphones fell 3.0% YoY to US$335 slightly. The recovery of the smartphone market is largely driven by healthy demand in emerging markets. Africa, Middle East, Central Latin America and Asia-Pacific regions achieved solid results and largely led the recovery. In contrast, Eastern Europe showed a downward trend due to geopolitical tensions. The North American and Western European regions saw a low single-digit decline due to the extended replacement cycle. Apple (AAPL.US) took the lead in the global smartphone market with a 23% market share in Q4 2024. Samsung ranked second with a 16% market share. Xiaomi (01810), Transsion and Vivo occupied the rest of the top five, followed by OPPO (OnePlus), Honor, Lenovo-Motorola, Huawei and Realme. Only Samsung and Transsion saw a downward trend among the top ten vendors, while the other eight vendors achieved annual growth.