The global smartphone market is gearing up for a comeback in 2024, with shipments expected to rise by 3% after a challenging year in 2023. 📈 This positive shift is fueled by easing inflation, a surge in demand from emerging markets, and the allure of generative AI technology in premium devices.
Emerging regions like India, the Middle East, and Africa are projected to be major growth drivers, particularly in the budget-economy segment. The budget segment, featuring phones priced between $150 and $249, is set to grow by 11% in 2024, thanks to increased demand in the Caribbean and Latin America. 🌎✨
Competitive players such as Oppo, Vivo, and Xiaomi are stepping up their game, while brands like Apple and Huawei are poised to dominate the premium market segment, which is expected to grow by 17%. The integration of generative AI and the popularity of foldable phones are key factors driving this growth. 🤖📱
Apple continues to see steady demand for its iPhones, especially in emerging markets, while Huawei maintains a strong presence in the Chinese mainland with its new Kirin chipset. Despite a 24% decline in iPhone sales in China in the first half of 2024, the overall outlook remains optimistic. 🌟
