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London, Beijing, Buenos Aires, Fort Collins, Hong Kong, New Delhi, San Diego, Seoul, Tokyo – May 21, 2024
Smartphone shipments in the Middle East and Africa (MEA) region increased 6% YoY in Q1 2024, according to the latest research from Counterpoint’s Market Monitor Service. In QoQ terms, the market contracted 16%, in line with seasonal trends.
After four quarters of breathtaking growth, the MEA market in Q1 settled into a typical level of growth and was in line with global trends. The macroeconomic situation continued to improve with inflation rates moderating. Short-term challenges like the Middle East geopolitical conflict, currency fluctuations in certain African countries and a busy election calendar are not expected to derail the smartphone market’s long-term growth prospects in the region.
Commenting on the market’s dynamics, Senior Analyst Yang Wang said, “There is a sense that the MEA smartphone market will lose momentum by 2024 end. The rebound in consumer sentiment due to improving economic conditions is now in the rear-view mirror, and smartphone players are waiting for the next catalyst while consolidating their market positions. At the same time, Q1 usually experiences a quieter off-season period; activity is expected to pick up towards the end of Q2 2024.”
Insights on key brands during Q1 2024
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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