Global Smartphone Revenues Resume Growth in 2024 After Two Years, ASP Hits Record High

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Jan 31, 2025
  • Global smartphone revenue and ASP grew 5% YoY and 1% YoY, respectively, in 2024, driven by the premiumization trend. ASP reached $356, the highest ever for a calendar year.
  • Global smartphone shipments grew 4% YoY in 2024 driven by the improved macroeconomic environment and consumer sentiment.
  • Despite a 3% YoY decline in shipments, iPhone revenues remained less impacted, driven by the strengthening portfolio of its Pro series.
  • Samsung’s smartphone revenues grew 2% YoY with decline limited by ASP growth as S24 series performs better than its predecessor.
  • Among the top five OEMs, vivo grew the fastest in terms of revenue (20% YoY) while Xiaomi grew the fastest in terms of shipments (16% YoY).

Seoul, London, New Delhi, Hong Kong, Beijing, Fort Collins, Buenos Aires – January 31, 2025

Global smartphone revenues grew 5% YoY in 2024, ending a two-year streak of declines, while the global ASP climbed to a record high of $356, according to the latest research from Counterpoint’s Market Monitor service. Furthermore, global smartphone shipments also registered growth after two years as global macroeconomic conditions and consumer sentiment improved which led to increased upgrades driven by 5G adoption and features like better cameras and faster processors.

Commenting on the market dynamics in 2024, Counterpoint Senior Analyst Shilpi Jain said, “There were many positives for the smartphone market in 2024 as both ASPs and shipments grew. Revenue growth continues to outpace shipment growth and ASP continues to reach new record levels driven by OEMs’ growing focus on the premium segment and consumers’ desire for high-end devices and rising input costs. Going forward, in 2025, smartphone shipments are likely to grow in single-digit percentages, while ASPs and revenues will continue to outpace shipment growth. Low-cost 5G and the diffusion of GenAI to lower price segments are key trends to look out for in 2025.”

Commenting on Apple’s performance, Research Director Jeff Fieldhack said, “Despite the 3% YoY decline in Apple’s iPhone shipments, the brand’s revenue was not hurt much and ASP continued to grow, which surpassed the $900 mark – a new record. The contribution of the Pro series within Apple’s portfolio continues to rise. Also, Apple continues to expand its footprint in emerging markets where the growing middle-class is driving demand. Latin America was the fastest growing region for Apple with iPhone shipments increasing 44% YoY driven by local availability of the latest series and price discounts on legacy models.”

Samsung maintained its dominance in the global smartphone market in terms of shipments despite facing a marginal decline in 2024. The brand’s shipment decline was offset by ASP growth which outperformed the market and helped its revenue rise 2% YoY. This was driven by the S24 series which performed better than its predecessor. Samsung has been leading the AI narrative in the premium segment.

Among the top five OEMs, vivo recorded the fastest growth (20% YoY) in revenue globally, thanks to its success in China and India. The brand ranked first in 2024 shipments in these markets.

Xiaomi recorded a 16% YoY growth in global shipments, making it the fastest growing brand among the top five OEMs. It was helped by its streamlined portfolio, more affordable 5G launches and expansion in Latin America and the Middle East and African markets. Xiaomi also performed well in China’s premium market. Xiaomi’s entry in the automotive segment also helped enhance its brand image.

Although the overall global smartphone market is showing signs of maturity, reflected in its slow growth and extended replacement cycles, there is still some potential for further growth in the coming years. Emerging markets such as the Middle East and Africa, Latin America, India, and Southeast Asia are expected to become key growth drivers.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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Jan 31, 2025

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