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Smartphone Comeback: 2024 Sees Explosive Growth in the Premium Market!

January 13, 2025
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Global Smartphone Market Sees Encouraging Recovery in 2024

After experiencing a⁤ downturn for two years, the international ‍smartphone sector is on the‍ path to resurgence. In 2024, smartphone ​manufacturers (OEMs) around​ the globe achieved a year-over-year growth of 4%. Following an unprecedented decline in demand throughout‍ 2023—the lowest seen‌ in ten years—this​ growth signals a⁣ much-anticipated turnaround.

Driving Forces Behind Market Growth

According to analysts at Counterpoint Research, the easing economic‌ pressures globally and the advent of AI-enhanced features have been pivotal in fueling this upward trend in 2024. Almost every market has reported positive developments, with leading regions including Europe, China, and Latin America.

Recovery of global smartphone market highlights premium segment progress

The Leaders in the Market‌ Arena

Samsung retains its position as the frontrunner with an impressive 19% share of the market. This achievement can be attributed ⁣to robust demand for its Galaxy S24 lineup and select models from its⁢ A series. The brand particularly enjoys popularity across Western Europe and North America.

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In ‍second place is Apple; however, it endured a slight decline of ​2% in total sales during 2024. ⁣This drop stems from weaker-than-expected ⁣results for its iPhone 16 series. Nevertheless, ⁣there remains strong consumer ‍interest in premium offerings like the iPhone​ 16 Pro and Pro Max ​variants which help‌ bolster revenue ​despite overall decreased sales numbers.

A ‌Shift Toward Premium Offerings

This trend reflects a larger movement within consumer preferences as buyers ⁣increasingly seek higher-end products. The average selling prices⁤ have continued to rise—a development that translates into increased profits for manufacturers. Notably, ⁤smartphones priced above $1,000 experienced‌ rapid ⁣growth over the ‌past year.

The Competitive Landscape Among Manufacturers

Xiaomi is⁣ emerging strongly with a notable sales increase of 12%, maintaining its third-place ranking among competitors. Vivo⁣ also marked an encouraging ⁣rise with a ⁤growth rate of 9%. Meanwhile, Oppo faced challenges⁣ with an overall decline of 8%, although it showed signs of revival towards late 2024.

Cautions Amid Optimism

While current statistics paint an optimistic picture for recovery within this sector, experts advise caution regarding projections ‍for full-scale recovery by next year—indicating that⁣ pre-pandemic levels may still be some time away.

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Tags: 2024Consumer ElectronicsCounterpointglobalgrowsMarketMarket Growthmobile devicespremiumpremium marketrecoverssegmentsmartphonesmartphone comebacksmartphone salesTech Newstechnology trends

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