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A new report released on Thursday says that global smartphone shipments are expected to experience a modest recovery of 3 per cent year-on-year (YoY) this year, reaching a total of 1.2 billion units. According to market research firm Counterpoint Research further suggests that the rebound in global smartphone shipments in 2024 will be primarily driven by the budget segment of smartphones ($150-$249) and the premium segment ($600-$799).

The budget smartphones segment experienced a decline in 2023 due to macroeconomic challenges, particularly in emerging markets, the report further added, according to news agency Reuters.

Also read: Oppo F25 Pro Gets A New Coral Purple Variant In India. Check Specifications, Price, Features, More

Last year, global shipments experienced a decline of over four per cent, as indicated by previous data from the research firm, attributed to consumers tightening their spending amid economic uncertainty. Emerging markets such as India, the Middle East, and Africa are anticipated to emerge as significant growth catalysts for the smartphone market, particularly in the budget-economy segment.

In 2024, the premium segment ($600-$799) is projected to sustain steady growth, with a year-on-year increase of 17 per cent.

Tech giant Apple and Chinese tech behemoth Huawei are poised to spearhead the growth in the premium segment of smartphones. Apple’s expansion will be propelled by sustained demand for iPhones, especially in emerging markets like India and the MEA region. Emerging markets such India, the Middle East, and Africa are anticipated to emerge as significant growth catalysts for the smartphone market, particularly in the budget-economy segment.

Read more: OnePlus 12 Has Never Been Cheaper. Check Full Offers On Flipkart And Amazon

Counterpoint further predicted that the budget segment, anticipated to expand by 11 per cent in 2024 following a decline in 2023, will experience rising demand in the Caribbean and Latin American regions. This segment, comprising phones priced between $150 and $249, is expected to gain from the alleviation of inflation in regions like Africa and the stabilization of local currencies.

It is to be noted that tech giants Apple and Google are currently engaged in active negotiations regarding the integration of Gemini to facilitate certain generative AI functionalities set to debut on iPhones later this year. If materialised, the agreement with Apple could significantly impact Google’s Gemini chatbot, which has faced various controversies in the recent months.

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