The Global smartphone Market is set to regain momentum in 2024 with an anticipated growth rate of 6.2% according to a recent IDC report. This recovery follows a challenging few years of declining demand. Shipments are expected to hit 1.21 billion units, reflecting a strong rebound fueled by the strong performance of android devices.
Key Motivating Factors
the rise of android devices: Android devices are projected to lead by the recovery, with a growth rate of 4.8%, surpassing the 0.7% growth expected for iOS. Their affordability and wide variety of options make them particularly appealing in cost-sensitive markets like Southeast Asia, Africa, and Latin America. China’s competitive smartphone landscape also plays a role, where brands like Xiaomi and Oppo are expanding their reach.
The 5G revolution: The resurgence of 5G enabled devices is another significant factor, with expected growth by 16% in 5G smartphone shipments. By 2025 5G smartphones are expected to account for over 74% of the global market share, driven largely by demand in both emerging and developed markets.
Growth in the premium segment: While growth in the premium segment (devices priced over $1,000) has been notable in previous years, the focus in 2024 will likely shift towards mid-range and budget devices as manufacturers target emerging markets.
Despite strong performance in 2023, Apple’s growth is expected to slow in 2024 due to heightened competition in China. However, strategic advancements in AI and other features could help Apple secure a stronger foothold in competitive markets.
IDC predicts steady growth for the smartphone industry beyond 2024, with a five-year compound annual growth (CAGR) of 2.3%. Emerging markets and technological advancements such as foldable designs and improved battery efficiency are likely to continue.
The smartphone market is poised for a strong comeback in 2025, driven by Android’s growth in emerging markets and the ongoing expansion of 5G. While challenges remain, particularly for iOS in competitive regions, innovation and expanding market access are set to sustain this upward trajectory.
this recovery signals a promising path for consumers and manufacturers alike, as the smartphone remains an indispensable tool in the modern world.
