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World News March 29, 2024

Global smartphone market to rebound in 2024 with Apple, Huawei leading: Counterpoint Research

Counterpoint Research predicts a 3 percent rebound in global smartphone shipments for 2024, attributed to easing inflation and the integration of generative AI technology in premium devices. In 2023, global shipments had declined by over 4 percent due to economic uncertainty impacting consumer spending.

Emerging markets like India, the Middle East, and Africa are anticipated to drive growth, particularly in the budget segment. This segment, priced between $150 and $249, is expected to grow by 11 percent in 2024, benefiting from stabilized local currencies and reduced inflation, especially in Africa.

Competition among Chinese companies like Oppo, Vivo, and Xiaomi, coupled with a recovery in demand for IT devices, will contribute to growth in the budget segment.

In the premium segment ($600 to $799), a 17 percent growth is expected, driven by the introduction of generative AI technology and the popularity of foldable smartphones. Apple and Huawei are projected to excel in this market, with Apple benefiting from steady demand for iPhones in emerging markets and Huawei leveraging its new Kirin chipset to maintain dominance in China.

However, Huawei’s competition has led to a 24 percent decline in iPhone sales in China in the first six weeks of 2024, according to Counterpoint’s estimates.

Source – CGTN

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