Global Smartphone Market Shows Signs of Recovery in 2024
According to a report by Canalys, the global smartphone market is expected to show signs of recovery in 2024, with a projected year-over-year drop of only 5% in 2023. This stabilization is primarily attributed to the Middle East, Africa, and Latin America, which are expected to return to growth at rates of 9%, 3%, and 2% respectively in 2023.
Positive Outlook Amidst Challenges
Although smartphone shipments still remain over 20% below their peak in 2017, there is a silver lining. Consumers are now placing more value on their devices, with average selling prices exceeding US$440 (~Rs 36,600) as compared to US$332 in 2017.
Emerging Markets as Catalysts for Growth
Emerging markets, particularly in the Asia Pacific region, are projected to be the primary catalysts for the growth of the smartphone market. It is estimated that 33% of all new smartphones shipped in 2024 will be destined for this region.
Optimistic Projections for the Future
Canalys predicts that smartphone shipments may grow by 4% and reach 1.17 billion units in 2024. Furthermore, the global market is expected to ship 1.25 billion units in 2027, achieving a compound annual growth rate (CAGR) of 2.6% from 2023 to 2027.
Regional Variances
While North America is the only region expected to experience a decline in smartphone shipments in 2024, with a projected 6% drop, other key markets are forecasted to grow. The Asia Pacific region is anticipated to grow by 6%, while the Middle East and Africa are projected to grow by 7% and 5% respectively.
In conclusion, the global smartphone market is poised for recovery in 2024, with emerging markets and increased consumer value driving growth. Despite the challenges faced, the market is expected to rebound and experience steady growth in the coming years.
