According to research from Counterpoint’s Market Monitor, global smartphone revenue grew by 5% YoY in 2024 after seeing a two year decline continuously. The average selling price (ASP) record was $356 in 2024. Global smartphone shipments also saw a growth mostly because of consumer sentiment and improved macroeconomic conditions. The consumer sentiments got improved because of 5G adoption, faster processors and better cameras in smartphones. Shilpi Jain, Counterpoint Senior Analyst, said that smartphone ASPs and shipments both saw a growth in 2024, with revenue growth outpacing shipment growth.
Consumers are now demanding high-end devices so OEMs have increased their focus on the premium segment. Smartphone shipment is expected to grow more in 2025 with low cost 5G devices and GenAI technology set to lead the market in lower price segments. Jeff Fieldhack, Research Director, said that even though there was a 3% YoY decline in Apple’s iPhone shipments in 2024, the brand’s revenue is still strong with average selling price reaching $900. Most of Apple’s revenue was attributed to the Pro series and Apple is set to expand its presence in emerging markets as well. There was a 44% YoY growth in iPhone shipments in Latin America because of price discounts in older models and availability of latest models.
Samsung is still dominating global smartphone shipments, even after seeing a little decline in 2024. There was a 2% YoY growth in Samsung’s revenue, mostly due to ASP growth in the S24 series. Samsung is also leading the AI narrative in its premium segment. Vivo saw the fastest revenue growth globally (20% YoY) among the top five OEMs in India and China. Vivo also ranked first in smartphone shipments in India and China.
There was a 16% growth in global shipments of Xiaomi, making it the fastest growing brand among top five OEMs. It was because of Xiaomi’s launch of more affordable 5G devices, streamlined portfolio and expansion in markets like the Middle East, Latin America and Africa. Xiaomi also did well in China with its premium segment.
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Consumers are now demanding high-end devices so OEMs have increased their focus on the premium segment. Smartphone shipment is expected to grow more in 2025 with low cost 5G devices and GenAI technology set to lead the market in lower price segments. Jeff Fieldhack, Research Director, said that even though there was a 3% YoY decline in Apple’s iPhone shipments in 2024, the brand’s revenue is still strong with average selling price reaching $900. Most of Apple’s revenue was attributed to the Pro series and Apple is set to expand its presence in emerging markets as well. There was a 44% YoY growth in iPhone shipments in Latin America because of price discounts in older models and availability of latest models.
Samsung is still dominating global smartphone shipments, even after seeing a little decline in 2024. There was a 2% YoY growth in Samsung’s revenue, mostly due to ASP growth in the S24 series. Samsung is also leading the AI narrative in its premium segment. Vivo saw the fastest revenue growth globally (20% YoY) among the top five OEMs in India and China. Vivo also ranked first in smartphone shipments in India and China.
There was a 16% growth in global shipments of Xiaomi, making it the fastest growing brand among top five OEMs. It was because of Xiaomi’s launch of more affordable 5G devices, streamlined portfolio and expansion in markets like the Middle East, Latin America and Africa. Xiaomi also did well in China with its premium segment.
Read next: DeepSeek Shocks the AI World, But Can It Curb the GPU Arms Race?
