Counterpoint: Global smartphone market recovers in 2024, premium segment grows the most | Infinium-tech

The global smartphone market is finally recovering after two consecutive years of decline. Through 2024, smartphone OEMs worldwide are expected to register a growth of 4% year-on-year. 2023 was the lowest demand year in a decade, so it was time to see signs of recovery.

Counterpoint analysts say easing economic pressures worldwide and the introduction of AI-powered features are the main drivers for growth to 2024. Almost all markets recorded positive trends, with Europe, China and Latin America leading the way.

Samsung remains the leader with 19% market share due to particularly strong demand for the existing Galaxy S24 series and some A series models. Western Europe and America like Samsung the most.

Apple is in second place, but reported a slight decline of 2% in total sales for the whole of 2024. This is because the iPhone 16 series did not sell as expected. On the other hand, consumers have a strong preference for the premium 16 Pro and 16 Pro Max models, allowing the company to grow revenues despite declining sales.

This is in line with the broader market trend as consumers continue to seek more premium solutions. The average selling price has been steadily increasing, which means more revenue for manufacturers. In fact, the above-$1,000 bracket grew the fastest last year.

Going back to smartphone makers, we are seeing strong growth for Xiaomi, with sales increasing by 12% and still holding the third position in the ranking. Vivo recorded 9% growth, while Oppo saw an 8% decline overall, but gained new momentum at the end of 2024.

Although the statistics are optimistic, analysts are skeptical of a full market recovery in 2025, meaning they do not expect pre-pandemic sales yet.

Source