The global smartphone market experienced a notable recovery in 2024, achieving a 4% year-on-year growth after two years of decline. This improvement was attributed to better macroeconomic conditions that boosted consumer confidence and demand. According to Counterpoint Research’s Market Pulse, Samsung led the market in smartphone shipments for the year, driven by strong sales of its Galaxy S24 and A-series devices. The Galaxy S24 series, Samsung’s first AI-centric smartphone, performed particularly well in Western Europe and the U.S.
Tarun Pathak, Research Director at Counterpoint Research, remarked that 2024 was a pivotal year of recovery for the industry. The market began to recover from Q4 2023, with Europe, China, and Latin America showing the most significant growth. Apple followed Samsung in second place with an 18% market share. Although the iPhone 16 series faced mixed reviews due to limited availability of Apple Intelligence at launch, Apple saw strong growth in emerging markets like Latin America, Africa, and Asia-Pacific. Ivan Lam, a Senior Analyst at Counterpoint, noted that the shift towards ultra-high-end models, such as the Pro and Pro Max, helped offset some of the declines in overall iPhone sales.
Xiaomi posted the fastest growth among the top five brands, thanks to its realigned portfolio and expansion in the premium segment. OPPO, despite a year-on-year decline, secured fourth place, while vivo completed the top five with strong performances in China and India. The competitive landscape saw intensified efforts from brands like Huawei, HONOR, and Motorola, which were the fastest-growing among the top 10 OEMs.
Generative AI (GenAI) made its debut in smartphones in 2024. Though currently limited to premium devices, GenAI features are expected to be common in mid-range models by 2028. Analysts predict that by then, most smartphones priced above $250 will include GenAI capabilities. Premiumization also played a significant role in driving market revenues, with ultra-premium smartphones, those priced above $1,000, seeing the fastest growth.
Looking ahead, while global smartphone sales are unlikely to reach pre-pandemic levels, revenue is expected to grow due to rising average selling prices. Counterpoint Research forecasts an 8% revenue growth in 2025, outpacing the 4% volume growth, as demand for premium and AI-enabled devices continues to shape the market.
