Daily Management Review

Global Smartphone Market Is Expected To Rebound In 2024, According To A Report


Global Smartphone Market Is Expected To Rebound In 2024, According To A Report
Global smartphone shipments are likely to increase by 3% this year as lowering inflation assists a demand recovery in emerging nations and the incorporation of generative AI pulls buyers to luxury handsets, according to a Counterpoint Research analysis released on Thursday.
Global shipments fell more than 4% last year, according to earlier figures from the research group, as customers tightened their purse strings amid an uncertain economy.
Emerging regions such as India, the Middle East, and Africa are expected to be significant growth drivers for the smartphone market, particularly in the budget-economy segment.
The budget category is predicted to expand by 11% in 2024 after decreasing in 2023, with increased demand in the Caribbean and Latin American countries.
Counterpoint predicts that the category, which includes phones priced between $150 and $249, will benefit from lower inflation in places such as Africa and the stabilisation of local currencies.
Increased rivalry among Chinese businesses such as Oppo, Vivo, and Xiaomi, combined with a resurgence in demand for IT devices, supported growth in the market.
The premium group, which includes phones priced between $600 and $799, is predicted to gain 17%. The launch of highly sought-after genAI technology, as well as the popularity of foldables, will boost demand for this area, according to the survey.
According to the report, Apple and its Chinese rival Huawei are poised to capture the premium market.
According to the research, Apple will profit from steady demand for iPhones, particularly in emerging economies, while Huawei is likely to maintain its strong presence in China, particularly with the release of its 5G Kirin chipset.
Counterpoint previously anticipated that competition from Huawei would result in a 24% reduction in iPhone sales in China in the first six weeks of 2024.
Separately, Apple is in talks to include Google's Gemini AI engine into the iPhone, according to media reports from earlier in March.