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Samsung leads as global smartphone market rebounds

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The global smartphone market marked a significant turnaround in 2024, achieving a 4% year-on-year growth after two consecutive years of decline.

This recovery, driven by improving macroeconomic conditions and renewed consumer confidence, comes after smartphone sales in 2023 hit their lowest levels in a decade.

Preliminary data from Counterpoint Research’s Market Pulse highlights this recovery, with South Korean giant Samsung leading the industry in global smartphone shipments for the year.

 The company’s strong performance was attributed to the success of its Galaxy S24 and A-series devices. The Galaxy S24, Samsung’s first AI-centric smartphone, outperformed its predecessors, particularly in key markets like Western Europe and the U.S.

“2024 was a year of recovery and normalization after a challenging 2023. Smartphones remain indispensable to daily life, and as macroeconomic pressures softened, the market began showing signs of recovery from Q4 2023, achieving five consecutive quarters of growth. Europe, China, and Latin America led this resurgence.”

Samsung retained its top position globally, benefiting from the high demand for its AI-enabled flagship models.

Apple followed in second place with an 18% market share, though its iPhone 16 series received mixed reviews due to the limited rollout of Apple Intelligence. Despite this, Apple saw notable growth in emerging markets like Latin America, Africa, and Asia-Pacific.

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Senior Analyst Ivan Lam highlighted Apple’s strategic pivot toward high-end models: “iPhone sell-through declined slightly, but the shift to ultra-high-end models helped mitigate losses. In China, the Pro and Pro Max variants accounted for over half of iPhone sales by year-end.”

Among the top five brands, Xiaomi achieved the fastest growth, driven by a streamlined portfolio and aggressive premium market expansion. OPPO secured fourth place, despite a year-on-year decline, while vivo rounded out the top five with strong sales in China and India.

Competition intensified with brands like Huawei, HONOR, and Motorola emerging as the fastest-growing OEMs among the top 10, eroding market share from dominant players.

The rise of Generative AI (GenAI) capabilities in smartphones was a defining trend of 2024. Initially exclusive to premium devices, GenAI features are expected to become more widespread, with mid-range adoption projected by 2028. Analysts estimate that by then, 90% of smartphones priced above $250 will incorporate GenAI capabilities.

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Premiumization also drove market revenues higher, as sales of ultra-premium devices priced above $1,000 grew at the fastest rate. This was supported by subsidies in developed markets and affordable financing options in emerging economies.

While global smartphone sales are not expected to return to pre-pandemic peak volumes, revenue growth is likely to outpace shipment increases. Counterpoint Research forecasts an 8% year-on-year revenue growth for 2025, compared to a 4% rise in volume.

The ongoing demand for premium and AI-enabled devices positions the industry for further innovation and competition.

As manufacturers continue to integrate advanced technologies and explore new market opportunities, the global smartphone market appears poised for sustained growth and transformation in the years ahead.

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