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Global smartphone shipment forecast, 2024 and beyond

Luke Lin, DIGITIMES Research, Taipei 0

Credit: DIGITIMES

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Global smartphone shipments are expected to grow within a range of 4-8% annually from 2024-2028, representing a compounded annual growth rate (CAGR) of 6%.
Abstract

Global smartphone shipments will likely decline 6.6% year-on-year to 1.084 billion units in 2023, based on DIGITIMES Research's analyses of supply chain information, regional market conditions, and geopolitical trends.

High inflation and appreciation of the US currency have led to a decline in purchasing power in the US, Europe and emerging markets. Additionally, the Chinese market is lackluster due to unfavorable economic prospects and low consumer confidence. These factors have led to a decline in the global smartphone market in 2023.

The global top-9 brands, as those of 2023, will likely be able to ship over 30 million smartphones each in 2024. These brands ranked in order are Samsung, Apple, Oppo, Xiaomi, Vivo, Transsion, Honor, Huawei, and Lenovo. The nine brands collectively will hold a 92.8% market share globally.

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