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There’s little doubt that 2020 was major turning point for the consumer electronics industry and smartphones (courtesy of COVID), with smartphone sales taking considerable dips for the past few years. With that said though, data from 2024 shows a significant uptick, at least for some of the big players on the scene.
Data from Counterpoint Research shows that the global smartphone market showed growth throughout 2024, following two years of decline – global smartphone sales grew by 4% YoY in 2024, a stark contrast to 2023’s low figures. Samsung held top spot with 19% marketshare, followed by Apple in second place, with Xiaomi, Oppo, and Vivo trailing respectively.
This strong resurgence is also believed to have been accelerated by expansion from other brands such as Honor, Transsion, and Motorola. Huawei’s comeback also helped amplify sales figures. Meanwhile, Apple’s less-than-stellar performance is attributed to its rocky AI launch, although it did see growth in markets such as Latin America, Africa and Asia-Pacific to name a few.
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Counterpoint does state however that smartphone volumes are “unlikely to reach the peak levels” as seen before COVID, although it’s generally expected that revenue among manufacturers will rise with continued “premiumization,” that is with average selling prices growing. Additionally, revenue growth is expected to outpace volume growth at 8% YoY vs 4% volume growth. Research Director Tarun Pathak comments:
2024 was a year of recovery and normalization after a difficult 2023. Smartphones continue to be an essential product, pivotal to people’s daily lives, and as macroeconomic pressures softened, the market started showing signs of recovery from Q4 2023 and has now grown for five consecutive quarters. Almost all markets showed growth, led by Europe, China and Latin America.
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