Samsung, the world’s largest smartphone manufacturer, is continuing to expand its product lineup to maintain this title. For instance, the company has recently begun working on launching 4G and 5G variants of the Galaxy A15 in Europe. Additionally, the development of the Galaxy S24 series, expected to be introduced in February 2024, is progressing rapidly. However, the 2024 plans of the South Korean tech giant go beyond this. According to a report by The Elec, Samsung has set a target to ship 250 million smartphones in 2024. Here are the details…
Samsung Looks to Maintain Top Spot in Smartphone Market with 250 Million Unit Target in 2024
Competition in the smartphone market remains fierce in 2023, just as it does every year. Samsung, which currently holds the top position, is expected to ship between 220 million and 230 million units this year. However, the company isn’t as content with this scenario as one might think. As you may know, the Galaxy series spans a wide range from entry-level to flagship devices. Most of the models sold by the company fall into the entry and mid-range segments.
To make matters worse, the global smartphone market has also seen a decline in recent years. While many of you might assume this is just a normal decrease following the increase during the pandemic, unfortunately, the situation is not quite that simple. In 2019, before the COVID-19 pandemic, global smartphone shipments reached 1.4 billion units. However, shipments have since dropped to 1.2 billion units, and it is expected to take several years for the market to rebound.
Samsung’s solution is to somehow sell more phones. That’s why the company has set a goal to ship 250 million smartphones in 2024. The main objective of the tech giant is to boost the sales of flagship models in order to restore profitability, which has dropped by 70%. In line with this, the company has also raised its target for foldable phone shipments in 2024 to 2 million units, up from the previous target of 1.6 million units.
Samsung currently holds a market share of around 20%. However, the company is also confronting growing competition from Chinese rivals like the resurgent Huawei and Xiaomi. In other words, it’s not an easy task. It remains to be seen whether Samsung will be able to meet its shipment targets for 2024.
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