Counterpoint: Global smartphone market recovers in 2024, premium segment grows the most

After two consecutive years of decline, the global smartphone market is finally recovering. Throughout 2024, smartphone OEMs worldwide recorded 4% growth year-over-year. 2023 was the year with the lowest demand in a decade, so it was about time to see signs of recovery.

Analysts at Counterpoint say the softening economic pressure worldwide and the introduction of AI-powered features are the main drivers for the 2024 growth. Almost all markets recorded a positive trend, with Europe, China and Latin America leading the pack.

Samsung continues to lead with 19% market share thanks to particularly strong demand for the current Galaxy S24 series and some A series models. Western Europe and the US seem to favor Samsung the most.

Apple takes the second spot but recorded a modest 2% decline in overall sales throughout 2024. That's because the iPhone 16 series didn't sell as well as expected. On the other hand, consumers have a strong preference for the premium 16 Pro and 16 Pro Max models, which allow the company to increase revenue despite declining sales.

This aligns with a broader market trend as consumers continue to seek more premium solutions. The average selling prices continue to grow, which means more revenue for the manufacturers. In fact, the above $1,000 bracket grew the fastest last year.

Back to the smartphone makers, we see strong growth from Xiaomi, with a 12% increase in sales and still occupying the third spot in the ranking. Vivo recorded 9% growth, while Oppo saw a 8% decline overall, but it got renewed momentum toward the end of 2024.

Even though stats are optimistic, analysts are skeptical of a full market recovery in 2025, meaning they don't expect pre-pandemic sales just yet.

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