Global smartphone market set for 2024 rebound: report

Global smartphone shipments are expected to rebound three per cent this year as easing inflation aids a demand recovery in emerging markets, a new report says.

Global smartphone shipments are expected to rebound three per cent this year as easing inflation aids a demand recovery in emerging markets and the integration of generative AI attracts buyers to premium devices, a report by Counterpoint Research said on Thursday.

Global shipments had declined more than four per cent last year, earlier data from the research firm showed, as consumers tightened their purse strings in an uncertain economy.

Emerging markets such as India, the Middle East and Africa are seen to be major growth drivers for the smartphone market, especially the budget-economy segment.

The budget segment, expected to grow 11 per cent in 2024 after shrinking in 2023, will also see increasing demand in the Caribbean and Latin American regions.

The segment, consisting of phones priced between US$150 and US$249, is set to benefit from easing inflation in regions such as Africa and stabilization of local currencies, Counterpoint said.

Increased competition between Chinese companies such as Oppo, Vivo and Xiaomi, along with a recovery in demand for IT devices, also aided growth in the segment.

The premium segment, with phones priced between US$600 and US$799, is expected to grow 17 per cent. The introduction of much-coveted genAI technology and the popularity of foldables will stimulate demand for this segment, the report said.

Apple and Chinese rival Huawei are likely to emerge as winners in the premium market, it said.