Canalys: Global smartphone shipments will return to growth in 2024
By ForGeeks 2023 is slowly coming to an end and analyst agency Canalys has published a forecast report looking at the estimated global smartphone shipments for this year and the next four years. The good news for suppliers is that 2023 will see some recovery in markets such as Latin America (2%), Africa (3%) and the Middle East (9%). An estimated 1.13 billion smartphones will be shipped in 2023. Sales will be down 5%, compared to 2022.
Smartphone sales will be down 5%, compared to 2022.
The smartphone market is expected to see growth in 2024. Next year, 1.17 billion smartphones will be sold. The annual growth will be 4%, compared to the figures for 2023.
The new report indicates that consumers are willing to spend more on their smartphones, with the average selling price now in the $440 range. Emerging markets will be at the epicenter of growth in 2024: 33% of all new smartphones in 2024 will be shipped in Asia Pacific, which includes markets such as India, South Korea, Vietnam, Indonesia and Malaysia. Growing consumer confidence and improving macroeconomic conditions are set to stabilize smartphone shipments.
A growing consumer confidence and improving macroeconomic conditions are set to stabilize smartphone shipments.
All key markets except North America are expected to witness growth in 2024. Asia Pacific, Middle East and Africa are expected to grow at a CAGR of 6% in 2024. Europe is expected to grow at 7% CAGR. Canalys also predicts that demand for smartphones will grow over the next few years, eventually reaching 1.25 billion shipments in 2027.
Smartphone demand is expected to grow over the next few years, eventually reaching 1.25 billion shipments in 2027.
