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Global Smartphone Market Surges 4% After Two-Year Decline

Olusola Blessing by Olusola Blessing
January 14, 2025
in News, Telecom
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Global Smartphone Market Surges 4% After Two-Year Decline
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The global smartphone market experienced a long-awaited recovery in 2024, growing by 4% year-on-year after two years of decline, according to preliminary data from Counterpoint Research’s Market Pulse.

This recovery was driven by improved macroeconomic conditions, boosting consumer confidence and reviving demand. While smartphone sales in 2023 hit a decade-low, growth began in late 2023 and extended into 2024, marking five consecutive quarters of positive momentum.

Tarun Pathak, Research Director at Counterpoint Research, noted, “2024 was a year of recovery and normalization after a difficult 2023. Smartphones remain essential to daily life, with almost all markets showing growth, led by Europe, China, and Latin America.”

Samsung retained its position as the global market leader, bolstered by the success of its AI-focused Galaxy S24 series, which saw strong sales in Western Europe and the U.S.

Apple followed with an 18% market share. Despite mixed feedback on the iPhone 16 series due to limited Apple Intelligence features at launch, the company saw robust growth in emerging markets such as Latin America, Africa, and Asia-Pacific. Ivan Lam, a senior analyst, highlighted that Apple’s Pro and Pro Max models accounted for over half of its iPhone sales in China by the end of 2024.

Xiaomi recorded the fastest growth among the top five brands, leveraging its premium-focused strategy. OPPO secured fourth place despite a year-on-year decline, while vivo completed the top five with strong results in China and India.

Meanwhile, Huawei, HONOR, and Motorola emerged as the fastest-growing OEMs, intensifying competition among established brands.

Generative AI (GenAI) features marked a major technological milestone in 2024, debuting in premium devices. Analysts predict GenAI will become standard in mid-range smartphones by 2028, with 90% of devices above $250 expected to include GenAI capabilities.

Premiumization trends further lifted market revenues, with ultra-premium smartphones priced above $1,000 experiencing the fastest growth. Subsidies in developed markets and affordable financing options in emerging economies fueled this shift.

Though global smartphone sales are unlikely to return to pre-pandemic peak volumes, higher average selling prices are set to drive revenue growth. Counterpoint Research projects an 8% revenue increase in 2025, surpassing the anticipated 4% growth in unit sales.

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