According to TechInsights, the global smartphone market showed a modest recovery with shipments rising by 2.6% year-on-year to 325.3 million units in Q4 2024. This marks the fifth consecutive quarter of recovery, although the growth rate has slowed to low single digits for two quarters in a row. The wholesale revenue for smartphones reached $120 billion, a 0.8% increase from the previous year, while the average selling price (ASP) declined by 1.7% to $369.
For the entire year of 2024, global smartphone shipments grew by 5.7% year-on-year to 1.2178 billion units. Wholesale revenue increased by 2.6% to $408 billion, though the ASP fell by 3.0% to $335. The recovery in the smartphone market has been largely driven by robust demand in emerging markets such as Africa, the Middle East, Latin America, and the Asia-Pacific region. In contrast, Central and Eastern Europe experienced a decline due to geopolitical tensions. North America and Western Europe saw single-digit declines due to extended replacement cycles.
In Q4 2024, Apple (AAPL, Financial) led the global smartphone market with a 23% market share, followed by Samsung at 16%. Xiaomi, Transsion, and Vivo rounded out the top five. Other notable brands included OPPO, Honor, Lenovo-Motorola, Huawei, and Realme. Among the top ten manufacturers, only Samsung and Transsion experienced a downward trend, while the other eight companies achieved annual growth.
