This year is expected to be a good time for smartphone brands to revive the global smartphone industry. According to Counterpoint Research, budget and premium models will lead to this success.
According to the research firm, there will be a 3% increase in smartphone shipments globally in 2024. This growth will be primarily led by the budget and premium smartphone markets, which offer $150 to $249 and $600 to $799 devices, respectively. As noted, the budget segment will see an 11% YoY rise, while the premium department will see a 17% YoY growth. This will reportedly be possible through emerging markets in India, MEA (Middle East and Africa), and CALA (Caribbean and Latin America).
Apple and Huawei are the two expected brands to dominate the premium segment. The former is known globally through its iPhone offerings, but it is a surprise that Huawei continues to flourish. To recall, the Chinese brand faces sanctions from the US, preventing it from accessing computer chips and US software services. Yet, the company had success in introducing its Mate 60 in China, and it even outperformed brands like Apple in the process. According to recent reports, the brand is also expected to challenge Samsung’s dominance in the foldable market.
