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The smartphone market is expected to rebound in 2024, rising 3% year-over-year and hitting 1.2B units, led by a rebound in both the budget and premium segments, Counterpoint Research said.
Apple (NASDAQ:AAPL) and Huawei are expected to aid the premium segment of the market, defined as phones priced between $600 and $799, which is expected to grow 17% year-over-year, Counterpoint said in a statement.
“The steady demand for iPhones, particularly in emerging markets such as India and [the Middle East and Africa], will drive Apple’s growth,” Counterpoint said in the statement. “Huawei is expected to retain its strong presence in China’s smartphone market in 2024. With the release of its 5G Kirin chipset, the brand will continue to see a sturdy demand in China.”
The broader premium market is expected to benefit from the rise of phones with generative artificial intelligence capabilities and the popularity of foldables, Counterpoint said.
Apple is slated to host its annual developers conference in June, where it is widely expected to unveil several AI-related updates to its iOS mobile operating system.
The budget portion of the smartphone market — phones priced between $150 and $249 — should grow 11% year-over-year after experiencing a “challenging” 2023, as India, the Middle East and Africa and Caribbean And Latin American markets improve, Counterpoint said.
A decline in inflation across Africa along with stabilized currencies in many countries have aided consumers purchasing power, which should benefit the low-end of the smartphone market, Counterpoint said.
Companies such as OPPO, vivo, Xiaomi and Transsion Group have intensified the competition in the budget portion of the smartphone market, which is expected to be the main growth driver for the segment, Counterpoint said.
