IDC: The smartphone market will see a significant rebound in 2024, while Apple's growth is lackluster
According to IDC's research, the global smartphone market is expected to rebound strongly in 2024, with shipments projected to grow by 6.2% to reach 1.24 billion units. However, Apple's sales have seen almost no growth, increasing by only 0.4%. Android competitors are performing stronger in China and emerging markets, and Apple remains the profit leader, with an average selling price exceeding $1,000. Despite generative AI being a hot topic, it has not yet significantly driven demand. Market growth is expected to remain in the single digits in the coming years
According to the Zhitong Finance APP, a study by market tracking agency IDC shows that after two consecutive years of decline, global smartphone sales are set to rebound strongly in 2024. However, Apple (AAPL.US) has seen almost no growth, highlighting the rapid progress made by Android-based competitors in China and emerging markets.
IDC states that by 2024, the smartphone shipments of Apple and its competitors will grow by 6.2%, reaching 1.24 billion units. However, iPhone sales may only increase by 0.4%. Nevertheless, IDC estimates that Apple remains the profit leader so far, with an average selling price exceeding $1,000, while the average selling price of Android competitors is around $295.
Although artificial intelligence has emerged in the smartphone market, there has been a significant decline in the "post-COVID era," and the recovery is not uniform. IDC indicates that most of the growth in 2024 will come from pent-up demand and regions with low smartphone penetration. More affordable devices produced by Android manufacturers have helped Chinese brands better seize this opportunity, and Apple is expected to perform better next year.
Among companies like Samsung Electronics, Apple, and Google, enhancing artificial intelligence features is a major theme, but it has failed to excite consumers.
Nabila Popal, research director at IDC, stated: "While generative AI remains a hot topic and top priority for many vendors, it has yet to have a significant impact on demand and drive early upgrades. More investment is needed to raise consumer awareness and introduce 'must-have' features that will draw consumers into stores and create the super cycle everyone is waiting for."
Global smartphone shipments rebound in 2024
Huawei launched the Mate 70 series on Tuesday, while Xiaomi is preparing to release new models.
In the fiercely competitive Chinese market, six companies occupy the top spots each quarter, with large and lasting discounts stimulating sales.
Globally, shipments have yet to recover to pre-pandemic levels, and IDC expects growth in the coming years to remain in single digits. Extended upgrade intervals, market saturation in developed economies, and the rapid growth of the second-hand smartphone trade are seen as major factors contributing to the stagnation