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The smartphone market is expected to recover in 2024, rising 3% year-on-year to 1.2 billion units, led by a recovery in both the budget and premium segments, Counterpoint Research said.
Apple (NASDAQ:AAPL) and Huawei should help 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 declaration.
“The steady demand for iPhone, 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 maintain its strong presence in the Chinese smartphone market in 2024. With the release of the Kirin 5G chipset, the brand will continue to see strong demand in China. “
The broader premium market is expected to benefit from the rise of phones with generative AI capabilities and the popularity of foldables, Counterpoint said.
Apple is expected to host its annual developer conference in June, where it is expected to unveil several AI-related updates for its iOS mobile operating system.
The budget portion of the smartphone market – phones priced between $150 and $249 – is expected to grow 11% year over year after experiencing a “challenging” 2023, as markets in India, the Middle East, Africa and the Caribbean and Latin America, Counterpoint said. .
A decline in inflation across Africa along with stabilizing currencies in many countries have helped 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 competition in the budget end of the smartphone market, which is expected to be the segment’s main growth driver, Counterpoint said.