The global smartphone market has been going through a rough phase, but the end of 2023 brings some good news for phone makers. The latest report from Canalys forecasts growth in the global smartphone market in 2024.
The report shares insights on the projected global smartphone shipments for the next four years in different markets around the world. Fortunately for many phone makers, the report anticipates recovery in markets such as Latin America (2%), Africa (3%), and the Middle East (9%).
But for 2023, the report estimates 1.13 billion global smartphone shipments, representing a 5% decline compared to the figures recorded in 2022.
The upward trend is anticipated to continue in 2024, with an estimated 1.17 billion smartphone shipments, reflecting a 4% annual growth compared to the figures for 2023.
According to the new report, consumers are increasingly willing to invest more in their smartphones, with average selling prices now hovering around the $440 mark. The focal point of growth in 2024 is projected to be in emerging markets, with 33% of all new smartphones set to be shipped in the Asia Pacific region.
The report says that 1 in every 3 smartphones in 2024 will be sold in the Asia Pacific region thanks to a strong upgrade demand in emerging markets.
This region includes key markets such as India, South Korea, Vietnam, Indonesia, and Malaysia. The stabilization of smartphone shipments is expected due to growing consumer confidence and improving macroeconomic conditions. Major phone makers including Apple have also started producing smartphones in regions like India, making the handsets more accessible in the country.
The region excluded Greater China although that region is also expected to have a modest 2% annual growth from 280.5 million (2023) to 286.5 million shipments in 2024.
