Canalys Projections: Surge in Global Smartphone Shipments Forecasted for 2024

Global Smartphone Shipments Expected to Rebound in 2024

The year 2023 is coming to a close and according to a new report from Canalys, the global smartphone market is expected to see a recovery in the coming years. The report forecasts a 5% decline in global smartphone shipments for 2023, with an estimated 1.13 billion units. However, there is good news for vendors as markets in Latin America, Africa, and the Middle East are expected to see some growth, with the latter region projected to experience a 9% increase in smartphone shipments.

Looking ahead to 2024, Canalys predicts a further improvement in the smartphone market, with an estimated 1.17 billion units to be shipped globally. This represents a 4% annual growth compared to 2023. The report also highlights that consumers are willing to spend more on smartphones, with average selling prices now reaching around $440.

The growth in smartphone shipments is expected to be driven by emerging markets, particularly in the Asia Pacific region. Markets like India, South Korea, Vietnam, Indonesia, and Malaysia are set to account for 33% of all new smartphone shipments in 2024. Growing consumer confidence and improving macroeconomic conditions are expected to play a key role in stabilizing smartphone shipments.

In terms of regional growth, all key markets, except North America, are expected to see an increase in smartphone shipments in 2024. Asia Pacific, the Middle East, and Africa are projected to experience a 6% year-on-year growth, while Europe is expected to see a 7% annual growth.

The report also indicates that the demand for smartphones is expected to continue rising over the next few years, with Canalys predicting a total of 1.25 billion smartphone shipments in 2027.

Overall, the forecast from Canalys paints a positive picture for the global smartphone market, with the coming years expected to bring steady growth and increasing demand for mobile devices.

For more information, you can visit the source of the report here.

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