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Experts Forecast Rebound of Global Smartphone Market in 2024

The report of experts from Counterpoint Research, which was published on Thursday, March 28, contains a forecast that in the current year, the volume of global smartphone shipments will show an increase of 3%.

Experts Forecast Rebound of Global Smartphone Market in 2024

Analysts say that the mentioned vision of the near future in the specified devices market is a realistic scenario since currently there is a trend of a consistent decrease in inflation in many countries of the world. Experts also noted that the integration of artificial intelligence technologies into mobile phones can contribute to the rebound of smartphone sales. This innovative solution expands the functionality of the device and is an object of interest to consumers. Experts noted that AI is likely to have the highest level of demand among buyers of premium smartphones.

Last year, global shipments of mobile phones demonstrated a decline, amounting to more than 4%. This is evidenced by the data from Counterpoint Research. Experts say that the downturn in the global smartphone market is the result of difficulties in the global economic system, which caused the formation of a kind of system of circumstances wherein consumers are forced to be careful about spending and reconsider their financial behavior toward reducing the corresponding activity. Widespread economic instability is currently being recorded, although there are signs of improvement in the situation. For example, in the United States, inflation decreased to 3.2% after a peak of 9.2% in June 2022.

Counterpoint Research experts say that the main drivers of global smartphone sales growth will be emerging markets, including the Middle East, India, and Africa. In this case, it implies the expectation of an increase in consumer activity in the segment of budget-economy.

Also, Counterpoint Research experts predict that global sales of smartphones in the budget category in the current year will show a growth of 11% after a significant downturn in 2023. In this case, a special revitalization of consumer activity is expected in Latin America and the Caribbean regions.

The Counterpoint Research report notes that the smartphone segment, whose cost ranges from $150 to $249, will be a beneficiary of lower inflation in Africa and stabilization of local currencies.

Currently, there is an increase in competition between Chinese mobile phone manufacturers, including Oppo, Vivo, and Xiaomi. Moreover, a recovery in demand for IT devices is being recorded.

Counterpoint Research experts predict that this year sales of smartphones, the cost of which varies from $600 to $799, will show an increase of 17%. According to analysts, consumer activity in the mentioned segment of the global smartphone market will be facilitated by the introduction of artificial intelligence and new foldables, which some buyers are interested in. Experts are convinced that Apple and Huawei will become the main beneficiaries of the economic recovery of the premium segment.

The Counterpoint Research report notes that the steady demand for the iPhone, especially in emerging markets, will be a favorable circumstance for the technology giant that is its developer. Experts also predict that Huawei will maintain its strong position in China in the foreseeable future. The 5G Kirin chipset was mentioned in this context. Data from Counterpoint Research indicates that due to competition from Huawei, iPhone sales in China fell by 24% in the first six weeks of 2024.

In March, the media reported that Apple is currently in talks to introduce Google Gemini AI to its smartphones. If this initiative is implemented, it is highly likely that the use of artificial intelligence will become a factor of positive impact on the economic performance of the iPhone.

As we have reported earlier, Baidu’s AI Chatbot to Power Samsung’s New Galaxy S24 Smartphones.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.