Counterpoint Research: Global smartphone revenue is expected to grow by 5% year-on-year in 2024, ending a two-year consecutive decline trend.

According to the latest research from Counterpoint market monitoring service, global smartphone revenue in 2024 increased by 5% year-on-year, ending two consecutive years of decline, while the average selling price reached a record high of $356. Furthermore, due to improvements in the global macroeconomic situation, increased consumer confidence, the popularization of 5G technology, as well as factors such as stronger cameras and faster processors, the demand for smartphone upgrades has increased, leading to growth in global smartphone shipments after two years of decline. Shilpi Jain, Senior Analyst at Counterpoint, commented on the market dynamics in 2024, stating, "There are many positive factors in the global smartphone market in 2024, with both average selling prices and shipments increasing. Revenue growth continues to outpace shipment growth, and the average selling price has reached a new record, benefiting from smartphone brands' continued focus on the high-end market, increasing consumer demand for high-end devices, and rising input costs. Looking ahead to 2025, smartphone shipments may increase by single digits, while average selling prices and revenue will continue to outpace shipment growth. The proliferation of low-cost 5G smartphones and GenAI technology into the mid-range market is a key trend to watch in 2025." Global smartphone market shipments and revenue both achieved growth in 2024 Source: Counterpoint Market Monitoring Service Preliminary Data Note: Since the third quarter of 2021, OPPO data includes OnePlus Jeff Fieldhack, Research Director at Counterpoint, commented on the performance of Apple Inc. (AAPL.US), stating, "Although Apple Inc.'s iPhone shipments decreased by 3% year-on-year, the brand's revenue was not greatly affected, and the average selling price continued to increase, surpassing the $900 mark and setting a new record. The contributions of the Apple Inc. Pro series within its product portfolio continue to rise. Meanwhile, Apple Inc. is continuously expanding its influence in emerging markets, where the growing middle class is driving demand. Latin America is the fastest-growing region for Apple Inc., with iPhone shipments increasing by 44% year-on-year, mainly due to localized supply of the latest series products and price discounts on older models." Despite a slight decline in shipments in 2024, Samsung still maintained its dominant position in global smartphone market shipments. The decline in shipments was offset by growth in average selling prices, with its performance in average selling price growth outperforming the market and driving a 2% year-on-year increase in revenue. This was due to the performance of the S24 series products, which outperformed their predecessors. Samsung has been leading the development of AI in the high-end market. Among the top five smartphone manufacturers globally, vivo saw the fastest revenue growth, with a 20% year-on-year increase, buoyed by its success in the Chinese and Indian markets. In 2024, vivo led in shipments in both of these markets. Xiaomi's global shipments grew by 16% year-on-year, making it the fastest-growing brand among the top five smartphone brand manufacturers. Its growth was attributed to a streamlined product portfolio, more affordable 5G new device releases, and expansion in Latin America, the Middle East, and Africa markets. Xiaomi also performed well in the high-end market in China. Additionally, Xiaomi's entry into the automotive sector has helped enhance its brand image. While the global smartphone market is showing signs of maturity, with slow growth and longer replacement cycles, there is still some growth potential in the coming years. Emerging markets such as the Middle East and Africa, Latin America, India, and Southeast Asia are expected to be key drivers of future growth.