The global smartphone market is showing signs of recovery in 2024, with shipments expected to drop only 5% year-over-year in 2023, according to a report by Canalys.
This stabilization is attributed to regions like the Middle East, Africa, and Latin America, which are expected to return to growth at 9%, 3%, and 2%, respectively, in 2023.
Despite the positive outlook, smartphone shipments still remain over 20% below their 2017 peak. However, there is a silver lining — consumers are now placing more value on their devices, with average selling prices now exceeding US$440 (~Rs 36,600) versus US$332 in 2017.
Emerging markets, particularly in the Asia Pacific region, are projected to be the primary catalysts for this growth, with 33% of all new smartphones in 2024 expected to be shipped to this region.
Canalys has predicted that smartphone shipments may grow 4% to reach 1.17 billion units in 2024. The global market is expected to ship 1.25 billion units in 2027, achieving a compound annual growth rate/CAGR (2023 to 2027) of 2.6%.
North America is the only region expected to experience a decline in smartphone shipments in 2024, with a projected 6% drop. All other key markets, including Asia Pacific, Middle East, and Africa, are forecast to grow by 6%, 7%, and 5%, respectively.
Related:
- Alldocube iWork GT 12 AMD 2-in-1 Tablet Giveaway by Gizmochina
- Alldocube iWork GT 12: AMD first 2-in-1 tablet, $100 off and extra gifts of $150
- Xiaomi 14: New flagship with snapdragon 8 gen 3 only for $599
- Aoostar R1 N100: Intel N100 NAS / Mini PC with Windows 11 for $219
- Vivo iQOO 12 Pro: Save $100 on the flagship gaming phone
(Source)
