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.
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.
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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