Global smartphone shipments will see improvement this year

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Global smartphone shipments are expected to see a modest recovery of 3 percent year-on-year (YoY) this year, reaching a total of 1.2 billion units, a new report released on Thursday said. Market research firm Counterpoint Research further suggests that the rebound in global smartphone shipments in 2024 will be driven primarily by the budget segment ($150-$249) and premium segment ($600-$799) of smartphones.

According to news agency Reuters, the report further states that the budget smartphone segment is expected to experience a decline in 2023 due to macroeconomic challenges, especially in emerging markets.

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As the research firm’s previous data indicated, global shipments saw a decline of more than four percent last year due to consumers tightening their spending amid economic uncertainty. Emerging markets such as India, the Middle East and Africa are expected to emerge as significant growth catalysts for the smartphone market, especially in the budget-economy segment.

In 2024, the premium segment ($600-$799) is projected to maintain steady growth with a 17 percent year-on-year growth.

Tech giant Apple and Chinese tech giant Huawei are set to lead the growth in the premium segment of smartphones. Apple’s expansion will be fueled by continued demand for iPhones, especially in emerging markets like India and the MEA region. Emerging markets such as India, the Middle East and Africa are expected to emerge as significant growth catalysts for the smartphone market, especially in the budget-economy segment.

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Counterpoint further predicted that the budget segment, projected to grow 11 percent in 2024 after declining in 2023, will experience growing demand in the Caribbean and Latin American regions. The segment, with phones priced between $150 and $249, is expected to benefit from lower inflation and stabilization of local currencies in regions such as Africa.

It should be noted that tech giants Apple and Google are currently engaged in active talks regarding the integration of Gemini to facilitate some generic AI functionalities launching on iPhones later this year. If materializing, the agreement with Apple could have a significant impact on Google’s Gemini chatbot, which has faced various controversies in recent months.