The global smartphone market is experiencing a revival in 2024, with Apple's sales in India particularly standing out, injecting new vitality into the industry.

The Reviving Global Market

Market research firm IDC predicts that global smartphone shipments will reach 1.2 billion units in 2024, a year-on-year increase of 2.8%. This growth is mainly attributed to the extension of device replacement cycles and increasing demand in emerging markets. Shipments of foldable and AI smartphones are expected to grow by 37%, accounting for nearly 15% of the smartphone market.

Canalys data shows that global smartphone shipments are expected to grow by 3% in 2024, reaching 1.18 billion units. Apple's leadership in the high-end market remains solid, with AI smartphone shipments accounting for 57% of the market share in the first quarter.

Apple's Leap in India

Apple's annual sales in India have reached a record-breaking $8 billion, a 33% increase year-over-year. This achievement is due to Apple's localized production and the opening of flagship stores in India. Although the iPhone market share is only 3.5% of the approximately 690 million smartphones in India, Apple's share in the Indian smartphone market is steadily increasing.

Changes in Global Market Share

The latest data from Counterpoint Research shows that Apple ranks second in the global smartphone market with a 16% market share, following Samsung, Xiaomi, Vivo, and OPPO are ranked behind with 14%, 8%, and 8% market shares, respectively. Canalys's report also points out that in the second quarter of 2024, Apple ranks second globally with a 16% market share, while Xiaomi has become the fastest-growing brand with a 27% year-over-year growth rate.

Drivers of Market Growth

In the second quarter of 2024, global smartphone sales grew by 6% year-over-year, marking the third consecutive quarter of growth. This growth is driven by the popularization of various features such as CMF design, high-pixel cameras, and 5G, which are increasingly entering the lower price range, further stimulating market demand.

Analysts expect that with the rise of new forms and functions like foldable phones and GenAI, the smartphone market will continue to grow. Samsung and Apple are actively promoting high-end product strategies, with Samsung launching the Galaxy Z Fold6 and Flip6 series, while Apple is expected to launch new iPhones with Apple Intelligence in the second half of the year.

Conclusion

Apple's significant growth in the Indian market, along with the revival of the global smartphone market, indicates new opportunities for the industry. As the global economy gradually recovers and emerging markets rise, the future of the smartphone market is full of infinite possibilities. Competition among brands will be more intense, and consumers will enjoy more innovative and high-quality products. In addition, the recovery of the electronic consumer market such as smartphones will also promote the further development of electronic chip, semiconductor components and other electronic related industries. For more information, check out the   electronic components store.

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