India to be among main drivers of 2024 smartphone shipment volumes: Counterpoint
Emerging markets such as India, Middle East, and Africa are regions expected to drive the road to recovery in global smartphone shipment volumes in 2024, on the back of increasing shipments of budget phones with the premium segment remaining stable, according to a new report.
A Counterpoint Research report released Thursday forecast a modest 3% on-year increase in shipments, reaching 1.2 billion units globally, driven by the budget ($150-$249) segment which saw a dip last year due to macroeconomic headwinds especially in emerging markets.
The research firm, though, said it expects low single-digit growth in global smartphone shipments, as the market has seemingly bottomed out.
The premium segment ($600-$799) is also expected to drive this rebound in shipments, the report said.
«Unlike 2023, emerging markets such as India and the Middle East and Africa (MEA) are expected to drive the global smartphone market’s growth in 2024, supported by the budget-economy segment. The robust inventory levels in Q4 2023 are also expected to help,» Counterpoint Research said.
The budget segment is expected to rebound by 11% on-year in markets like India, MEA and Carribbean and Latin America, after experiencing a noticeable decline. Easing inflationary pressures, and stabilised local currencies are expected to boost disposable income for the mass segment, helping the budget segment recovery.
The premium segment ($600-$799) is expected to maintain steady growth in 2024, rising 17% YoY. In particular, the introduction of GenAI
