Global smartphone sales grew by 4% year-on-year in the second quarter of 2024, continuing the growth trend from the first quarter.
The growth was particularly driven by increased sales of budget smartphones, fueled by emerging market recovery and strong growth in developed markets.
GfK anticipates a slowdown in growth in the second half of 2024, expecting sales to remain at the 2024 level in 2025.
Global smartphone sales in 46 months of 2024 increased by 4% year-on-year, maintaining a positive trend following the 13-month period.
Low-end smartphones drove the growth.
GfK - An NIQ Company, a global market intelligence firm, announced the smartphone sales trends for the second quarter of 2024, based on retail sales data from over 60 major countries worldwide and extrapolated to estimate the global market size.
Smartphone Sales Trends
Global smartphone sales in 46 months of 2024 increased by 4% year-on-year, continuing the growth trend that began in 13 months. Sales increased year-on-year in various regions, particularly in emerging markets where the year-on-year decline was significant in the previous year.
By price segment, the low-end segment (USD 250 and below) led the growth. Low-end smartphones benefited from the recovery in emerging markets and also showed stronger growth than other price segments in developed markets. The mid-range segment (USD 250-500) continued its year-on-year decline from 13 months, with many regions experiencing continued negative growth. The high-end segment (USD 500+) showed weaker performance than the overall market but still recorded positive year-on-year sales, continuing the trend from 13 months. Notably, the USD 800+ segment saw higher growth than the USD 500-800 segment, driven by the popularity of products such as foldable phones and AI-powered smartphones.
Future Outlook
Growth in the second half of 2024 is expected to slow compared to the previous year, and annual growth is expected to be slightly positive year-on-year.
In 2025, a positive outlook is expected due to easing inflationary pressures and a recovery in consumption. However, emerging regions that experienced high year-on-year growth in 2024 are likely to face a base effect, making it difficult to anticipate positive growth. Considering these factors, it is currently projected that sales will remain at the 2024 level in 2025.
Introduction to GfK SIMA (Supply Chain & Industry Market Analytics)
GfK SIMA provides quarterly and monthly sales trend analysis and forecasts, leveraging the world's largest consumer technology POS panel covering approximately 60 countries globally, as well as considering external factors such as macroeconomic conditions. In addition to overall market analysis, it offers component trend analysis and forecasts, providing information to the supply chain component industries such as semiconductors and displays. Target products include smartphones, TVs, PCs/tablets, completely wireless earphones, and wearable devices. Smartphone analysis regions include Advanced Asia, Emerging Asia, Western Europe, Central & Eastern Europe, North America, South America, and Middle East & Africa.
Introduction to GfK - An NIQ Company
For over 90 years, GfK has built trust with clients around the world by addressing critical questions in their decision-making process. By providing a complete understanding of consumer purchasing behavior and the dynamics that influence market, brand, and media trends, GfK helps drive client growth. In 2023, GfK joined forces with NIQ, uniting two industry leaders with unparalleled global reach. Through cutting-edge platforms, a comprehensive retail market understanding delivered alongside advanced analytics and the most comprehensive consumer insights, GfK drives "Growth from Knowledge."
Website: http://www.gfk.com
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