The global smartphone market grew 7 per cent in 2024, reaching 1.22 billion units, according to new data from Canalys. This marked a rebound for the smartphone market following two consecutive years of declines.
The data showed that Apple defended its pole position on the vendor ranking table for the second year, backed by emerging market growth and stable performances in North America and Europe. That helped to offset challenges for Apple in Mainland China. For the full year 2024, iPhone shipments declined by 1 per cent to 225.9 million units.
Samsung followed closely in second with shipments also declining by 1 per cent to 222.9 million units. Xiaomi maintained its position in the third spot and was the biggest contributor to the industry’s volume growth in 2024.
Xiaomi’s growth was driven by strong momentum in Mainland China and continued strategic expansion into emerging markets. Shipments grew by 15 per cent to 168.6 million units.
Transsion was in the fourth spot for the first time, while Oppo (including OnePlus) rounded off the top five. Transsion grew 15 per cent to 106.7 million units, and Oppo grew 3 per cent to 103.6 million units.
Runar Bjørhovde, analyst, Canalys, said, “2024 has been a comeback year for the smartphone industry, delivering the highest annual global shipment volume post-pandemic. Demand has been soaring in the mass-market segment, driven by a refresh cycle of pandemic-bought smartphones alongside channel replenishments.
“Several vendors have capitalised on this trend, targeting the open-market channel and leading with strong value-for-money-focused products. However, the focus on scaling volume has come with a risk of margin erosion to keep prices competitive. To counter this and manage profitability, vendors have reduced fixed costs and optimised their resource planning.
“Beyond the emerging markets’ robust growth, mature economies started recovering, exemplified by Mainland China’s growth at 4 per cent, North America at 1 per cent and Europe at 3 per cent. Demand in these regions has been accelerated by high vendor promotions, such as discounts, trade-ins and device bundles, used across the channel.”
Bjørhovde added that he expects vendors to face a difficult 2025. He said, “Vendors are facing a tricky 2025 with mounting complexities both globally and regionally. 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.
“The ability to navigate these challenges while capitalising on emerging opportunities will define the leaders of the next phase of industry evolution.”