Global Smartphone Market Rebounds With 4% Growth After 2-year Slump

The global smartphone market saw a long-awaited recovery in 2024, achieving four percent year-on-year growth after two consecutive years of decline, according to preliminary data from Counterpoint Research’s Market Pulse.

The recovery was attributed to improving macroeconomic conditions, which boosted consumer sentiment and reignited demand. Smartphone sales in 2023 had plunged to their lowest level in a decade, but signs of recovery appeared in late 2023 and extended into 2024, marking five consecutive quarters of growth.

Research director at Counterpoint Research, Tarun Pathak, said, “2024 was a year of recovery and normalization after a difficult 2023. Smartphones remain essential to people’s daily lives. Almost all markets showed growth, led by Europe, China, and Latin America.”

Samsung maintained its position as the global market leader, fueled by the success of the Galaxy S24 series, the company’s first AI-focused smartphone, which gained popularity in Western Europe and the U.S.

Apple secured second place with an 18 percent market share. Although the iPhone 16 series faced mixed feedback due to limited availability of Apple Intelligence features at launch, Apple saw strong growth in emerging markets like Latin America, Africa, and Asia-Pacific.

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Senior analyst at Counterpoint Research, Ivan Lam, noted; “Consumers are pivoting to Apple’s ultra-high-end models, which helped offset some declines. In China, Pro and Pro Max devices accounted for over half of all iPhone sales by the end of 2024.”

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

Competition also intensified as brands like Huawei, HONOR, and Motorola emerged as the fastest-growing OEMs, challenging established players.

Generative AI (GenAI) features marked a major technological advancement in 2024, debuting in premium devices. Analysts expect GenAI capabilities to become standard in mid-range smartphones by 2028, with 90 percent of devices priced above $250 expected to be GenAI-enabled.

The push toward premiumisation also 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 contributed to this trend.

While global smartphone sales may not return to pre-pandemic peak volumes, revenues are expected to rise due to higher average selling prices. Counterpoint Research forecasts 8 percent revenue growth in 2025, outpacing the projected 4 percent growth in unit sales.