The global smartphone market experienced a resurgence in 2024, marking a significant turnaround after two consecutive years of decline. According to the latest research from Canalys, shipments surged by 7%, reaching a total of 1.22 billion units. This recovery was driven by a combination of factors, including increased demand for replacements, vendor restocking efforts, and a surge in emerging markets.
Growth Returns as Premium Devices and Emerging Markets Drive Demand
Apple continued to hold the top position, although shipments dipped slightly by 1% to 225.9 million units. The company’s strong performance was attributed to its robust presence in North America and Europe, coupled with expanding market share in emerging economies. Samsung followed closely, with shipments also declining by 1% to 222.9 million units.
Xiaomi emerged as a key driver of market growth, experiencing a substantial 15% increase in shipments to 168.6 million units. This growth was fueled by strong demand within the Chinese market and strategic expansion into emerging regions. Notably, Transsion entered the top four for the first time, demonstrating its growing influence in key markets.
The premium smartphone segment witnessed a notable upsurge, with consumers increasingly gravitating towards high-end models. Apple’s iPhone 16 Pro and Pro Max experienced a significant 11% year-over-year increase in shipments, surpassing 55 million units. Samsung also reported its strongest S-series performance since 2019, driven by strong demand for the Ultra model.
While 2024 brought positive market momentum, challenges loom ahead. Analysts warn of potential headwinds in 2025, including slowing growth in emerging markets, economic uncertainties, and the potential impact of US tariffs. However, opportunities for continued growth remain, particularly in premium segments, driven by factors such as China’s subsidy programs and innovative financing models.
The smartphone market is poised for continued evolution, with a focus on increasing average selling prices (ASP), expanding product portfolios, and refining marketing strategies. As 5G technology becomes more widespread and artificial intelligence integration accelerates, the industry is set to witness further innovation and competition.
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