Global Smartphone Market Surges – But Will the Momentum Last?

The global smartphone market has bounced back in 2024, with shipments increasing by 7% year-on-year, reaching 1.2 billion units. Apple led the pack, shipping 225.9 million iPhones, securing its top position for the second year in a row. Despite challenges in China, strong sales in North America and Europe, along with expansion into new markets, helped Apple maintain its lead.

Samsung followed closely, shipping 222.9 million units, while Xiaomi recorded a 15% increase, reaching 168.6 million units. Transsion claimed fourth place for the first time, also growing by 15%, while Oppo rounded out the top five with a 3% rise in shipments.

The Rise of Premium Models

A shift towards high-end smartphones played a significant role in Apple and Samsung’s strong performance. “Consumers are increasingly opting for premium flagship models, supported by clearer product differentiation within flagship series,” said Sanyam Chaurasia, senior analyst at Canalys.

Apple’s iPhone 16 Pro and Pro Max saw an 11% rise in shipments compared to their 2023 predecessors, while Samsung recorded its best S-series sales since 2019. This trend signals a growing demand for premium devices, even in a price-sensitive market.

What’s Next for the Market?

The 2024 rebound marks the highest global shipment volume since the pandemic, driven by consumers upgrading older devices. However, analysts warn of potential challenges in 2025. While emerging markets fueled growth this year, slowing expansion, economic instability, and possible US tariffs could create uncertainty, “Finding the right balance between short-term performance, inventory management and long-term investments will be key for vendors to succeed,”noted Runar Bjorhovde of Canalys.

Finding a balance between short-term sales, inventory management, and long-term strategy will be crucial for smartphone vendors navigating the evolving market landscape.