August 30, 2024 – A pivotal shift in the global smartphone landscape is forecasted by Counterpoint Research, with a groundbreaking announcement on August 29th. The esteemed market analysis firm projects a triumphant resurgence in the industry, predicting a robust 5% year-on-year growth, leading to a total shipment of 1.23 billion smartphones worldwide in 2024. This projection marks the end of a two-year downturn, heralding a new era of expansion.
Liz Lee, the Deputy Director at Counterpoint Research, offered an insightful outlook, stating, “Our long-term prognosis suggests a steady influx of new smartphone users, fostering a gradual yet substantial increase in overall device installations. While this growth is primarily fueled by vibrant emerging markets such as the Middle East and Africa (MEA), Caribbean and Latin America (CALA), India, and Southeast Asia, even North America and Europe are anticipated to contribute, with Europe primarily driven by replacement cycles.”
Furthermore, Lee emphasized that mature markets like China, Japan, and South Korea, bolstered by the proliferation of high-value smartphones, will also propel shipment growth amidst sustained income elevation.
Harmeet Singh Walia, a Senior Analyst at the firm, shed light on an intriguing trend, predicting a dramatic surge in the market share of smartphones equipped with GenAI capabilities. From accounting for less than one-fifth of the market in 2024, these devices are expected to commandeer over half of the smartphone sector by 2028.
Walia highlighted the pivotal role that Apple’s upcoming AI-powered offerings, dubbed Apple Intelligence, will play in this transformation. This technological leapfrog could catapult Apple to the pinnacle of annual shipment volumes as early as 2025, presenting the company with a golden opportunity to dominate the smartphone landscape.
