The global smartphone market increased 7% in 2024, reaching 1.22-billion units, marking a rebound after two consecutive years of decline.

“2024 has been a comeback year for the smartphone industry, delivering the highest yearly global shipment volume post- pandemic,” says global technology market analyst firm Canalys analyst Runar Bjørhovde.

“Demand has been soaring in the mass-market segment, driven by a refresh cycle of pandemic-bought smartphones alongside channel replenishments.”

Canalys senior analyst Sanyam Chaurasia points out that Apple and Samsung remained resilient amid strong flagship demand, which reflects the continued premiumisation trend of the market.

“In the high end, consumers are increasingly opting for the premium version of the flagship series, helped by vendors’ clearer differentiating models within their flagship series in an already price-inelastic segment.”

Apple, securing first place for the second year, recorded 225.9-million shipments, a 1% decline on the 229.1-million shipments recorded in 2023.

The vendor’s 2024 market share contracted from 20% in 2023 to 18%.

Samsung followed closely in second position amid its continued profitability focus, with its shipments declining 1% to 222.9 million units, while its market share also contracted – from 20% to 18%.

Xiaomi maintained its position in the third spot, increasing its shipments by 15% to 168.6-million units, and expanding its market share from 13% to 14%, driven by strong momentum in mainland China and continued strategic expansion into emerging markets, according to Canalys.

Transsion also recorded a 15% increase in shipments to 106.7-million units, with its market share up from 8% to 9%, claiming the fourth spot for the first time, while Oppo marked a 3% increase in shipments to 103.6-million units, with a market share that declined from 9% to 8%.

“Beyond the emerging markets’ robust growth, mature economies started recovering, exemplified by mainland China’s growth at 4%, North America’s at 1% and Europe’s at 3%. Demand in these regions has been accelerated by high vendor promotions, such as discounts, trade-ins and device bundles, used across the channel.”

However, Bjørhovde warns that vendors are facing a “tricky” year ahead, with mounting complexities both globally and regionally, as economic fluctuations, potential US tariffs and compliance requirements add further unpredictability to market dynamics.

“Emerging markets have been the industry’s growth engine in 2024, but growth has slowed down as some markets are reaching a point of saturation.”

Key for vendors will be finding the right balance between short-term performance, inventory management and long-term investments.

Emerging growth opportunities include rising premiumisation trends, mainland China’s subsidy scheme and evolving financing models.

In 2025, vendors will prioritise the average selling price and profitability growth across segments while strengthening their market presence through diversified product portfolios, brand-driven marketing and deeper channel collaborations.