Global smartphone shipments are expected to rebound 3% to 1.2 billion units year-on-year in 2024, with emerging markets driving this growth according to analyst company Counterpoint Research.
Counterpoint stated smartphones in the budget US$150 to US$249 segment and premium smartphones between US$600 to US$799 are expected to drive this growth.
Emerging markets in the Middle East, Africa and India are expected to drive global smartphone growth in 2024, with shipment expected to increase in the budget segment. Counterpoint added stockpiled inventory in Q4 2023 are expected to aid this growth.
The budget segment (US$150 to US$249) saw a “noticeable decline” in 2023 and is expected to rebound by 11% in 2024 primarily driven by India, MEA and Caribbean And Latin American (CALA) markets.
This is due to inflationary pressures easing across Africa and local currencies stabilising in many countries, noted Counterpoint.
Chinese smartphone vendors such as OPPO, vivo, Xiaomi and Transsion Group stimulated demand in the MEA, CALA markets.
Alongside the recovery of demand for IT devices in emerging markets, the intensified competition between Chinese OEMs will be the main growth driver in the segment.
Premium smartphones (US$600 to US$799) is expected to grow 17% year-on-year in 2024 fuelled by the launch of GenAI smartphones and growing popularity of foldables.
Apple and Huawei are predicted to lead the premium segment. The popularity of iPhones is steadily becoming popular in emerging markets such as India and MEA, and Huawei is expected to expand in those markets as well.