After the contraction that lasted for the last two years, the global smartphone market entered a recovery period in 2024. During the year, the market grew by 4 percent on an annual basis. While 2023 in particular attracted attention with the lowest demand level of the decade, this recovery increased hopes in the sector.
Easing economic pressures and the launch of AI-powered features are the key drivers of growth in 2024, according to analysis by Counterpoint. Europe, China and Latin America were among the regions where smartphone demand increased the most. The recovery in these regions contributed significantly to overall growth rates.
Samsung maintains its leadership with a market share of 19 percent. The high demand for the Galaxy S24 series and some A series models brings the brand to the fore, especially in the Western European and US markets. Samsung’s performance in 2024 shows that users are turning to mid-segment devices as much as flagship models.
Despite experiencing a 2 percent sales decline, Apple managed to increase its revenues with its strength in the premium segment. Although the iPhone 16 series generally did not reach the expected sales figures, the intense interest in the 16 Pro and 16 Pro Max models had a positive impact on the company’s revenue. This reveals that consumers are increasingly turning to devices with more premium features. Moreover, the rapid growth recorded in the price segment above 1000 dollars supports this trend.
Xiaomi maintained its third place in the market ranking by recording 12 percent growth in 2024. While Vivo achieved a growth rate of 9 percent, Oppo experienced an 8 percent decrease in overall sales. Nevertheless, Oppo raised the market’s expectations by giving signs of recovery in the last quarter of the year.
There is still time for the smartphone market to bounce back
Although the figures for 2024 paint an optimistic picture, analysts predict that a full market recovery will not occur until 2025. It is stated that in order to return to pre-pandemic levels, economic stability should be further strengthened and more investments should be made in innovative technologies.
The year 2024 attracted attention especially with the increase in demand for premium devices and offered hopeful signals for the future of the industry. However, the sustainability of this recovery seems to depend on consumer demands and the course of economic conditions.
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