The global smartphone market, after facing challenging times in 2023, is gearing up for a positive turn as we approach the end of the year. The latest insights from Canalys, a renowned market research firm, shed light on the anticipated growth in the global smartphone market in 2024.

Canalys Report: Global Smartphone Market in 2024

Canalys’ report provides a comprehensive outlook, forecasting the trends in smartphone shipments for the next four years across various markets globally. Encouragingly, the report highlights recovery expectations in key regions such as Latin America (2%), Africa (3%), and the Middle East (9%).

2023 Recap

In 2023, the global smartphone market experienced a decline, with an estimated 1.13 billion smartphone shipments, representing a 5% decrease compared to the figures recorded in 2022. This setback, however, sets the stage for a resilient comeback in the coming year.

2024 Projections

The upward trajectory is expected to continue in 2024, with an estimated 1.17 billion smartphone shipments, reflecting a 4% annual growth compared to the figures for 2023. The report signals a positive shift in consumer sentiment and market dynamics.

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Consumer Behavior

One notable trend highlighted in the report is the increasing willingness of consumers to invest more in their smartphones. The average selling prices have reached around the $440 mark, indicating a growing appreciation for advanced features and functionalities.

Growth in Emerging Markets

The focal point for growth in 2024 is projected to be in emerging markets, with a significant 33% of all new smartphones set to be shipped in the Asia Pacific region. This region, encompassing key markets such as India, South Korea, Vietnam, Indonesia, and Malaysia, is witnessing a strong demand for smartphone upgrades.

Key Markets in Asia Pacific

The Asia Pacific region is poised to lead the growth, with India, South Korea, Vietnam, Indonesia, and Malaysia being pivotal markets. The stabilization of smartphone shipments in these areas is attributed to growing consumer confidence and improving macroeconomic conditions.

Production in Local Markets

Major players in the smartphone industry, including tech giant Apple, have recognized the potential in local markets. Initiatives like producing smartphones in regions like India have not only enhanced accessibility but also contributed to the stabilization of shipments.

Greater China Exclusion

While the Asia Pacific region takes the spotlight, Greater China is not far behind. Despite exclusion from the main growth projections, the region is expected to see a modest 2% annual growth, with shipments increasing from 280.5 million in 2023 to 286.5 million in 2024.

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