Canalys, a prominent market research firm, projects a positive turn for the global smartphone market in 2024, following a brief dip in 2023. The forecast suggests an upward trajectory, particularly in emerging markets, as consumer confidence and economic conditions stabilize.
Global Smartphone Shipments in 2023
As 2023 concludes, Canalys anticipates a modest recovery in key markets such as Latin America (2%), Africa (3%), and the Middle East (9%). Despite a 5% decline from 2022, an estimated 1.13 billion global smartphone shipments are expected this year.
The report highlights a promising outlook, with a 4% annual growth projected for 2024, totaling 1.17 billion smartphone shipments.
Consumer Spending Trends
The report reveals a noteworthy shift in consumer behavior, indicating a willingness to invest more in smartphones. Average selling prices have reached $440, signaling an increased value placed on these essential devices.
Notably, emerging markets, particularly in the Asia Pacific region, are expected to spearhead the surge in 2024, accounting for 33% of all new smartphone shipments.
Market Growth Projections for 2024
Canalys identifies Asia Pacific, the Middle East, and Africa as the focal points for growth in 2024, projecting a 6% year-on-year increase.
Additionally, Europe is poised for a substantial 7% annual growth. The report highlights a positive trend, with all major markets except North America anticipated to experience growth.
The optimistic forecast extends beyond 2024, with Canalys foreseeing a continuous rise, reaching 1.25 billion smartphone shipments in 2027.
Your thoughts are welcome. Feel free to leave any comments below.
