Smartphone Market Makes a Comeback as Global Shipments Grew in 2024 with Samsung Leading the Pack: Report

According to a recent analysis by a market research firm, global smartphone shipments rose by 4% in 2024 compared to the previous year. Samsung led the market share, followed by Apple and Xiaomi. This marks the first year-over-year growth after two years of decline. The increase is attributed to improved consumer sentiment due to better macroeconomic conditions. Notably, 2023 saw the lowest global smartphone sales in a decade.

Samsung maintained its lead with a 19% market share, driven by strong demand for its Galaxy S24 series and A-series smartphones. These models, touted as the company's first AI smartphones, surpassed older models and were particularly well-received in Western Europe and the USA. Meanwhile, Apple held second place with an 18% market share.

Global Smartphone Market Trends

The iPhone 16 series had mixed reviews partly due to limited availability of Apple Intelligence at launch. However, Apple continued to grow in non-core markets like Latin America, Africa, and Asia-Pacific-Others. Ivan Lam, Senior Analyst at Counterpoint Research, noted that demand for Apple's Pro and Pro Max models is "ballooning" in China.

Xiaomi secured third place with a 14% market share and was the fastest-growing brand among the top five OEMs in 2024. Vivo and Oppo each held an 8% market share. Despite maintaining their positions from 2023, these brands lost some ground to aggressive competition from Huawei, Honor, and Motorola.

Emerging Technologies and Future Projections

The report highlighted that GenAI was introduced to premium smartphones in 2024. By 2028, it is anticipated that nine out of ten smartphones priced above $250 (approximately Rs. 21,700) will be GenAI-capable. Although smartphone volumes may not return to pre-COVID levels soon, revenue growth is expected to surpass volume growth by 2025.

Research Director Tarun Pathak from Counterpoint Research stated that the smartphone markets began recovering as macroeconomic pressures eased in 2024. The recovery started showing signs in Q4 of 2023 and has continued for five consecutive quarters since then.

Pathak also mentioned that nearly all markets experienced growth during this period, with Europe, China, and Latin America leading the way. The top five brands remained unchanged from 2023 but faced increased competition from other manufacturers.

The report suggests that while overall smartphone volumes may not reach pre-pandemic highs soon, revenue growth is projected to continue outpacing volume growth into next year. Revenues are expected to grow by 8% YoY compared to a 4% increase in volume growth.