Smartphone Market Grows 7% in 2024, Apple Still on Top

According to the latest Canalys report, the global smartphone market experienced a complete turnaround in 2024, ending two years of decline, and grew 7% in shipments to reach 1.22 billion units. This recovery was led by demand for replacement, vendor restocking, and growth in emerging countries.

Global Smartphone Market Sees 7% Growth in 2024 as Apple Maintains Lead, Xiaomi Surges, and Transmission Breaks Into Top 4

Apple held its top position, but shipments fell 1% to 225.9 million units. Still, the company’s strong numbers were mostly attributable to its solid base in North America and Europe, with a fast-growing footprint in emerging economies. Samsung was a close second with its shipments, too, falling 1% year over year to 222.9 million units, reflecting the difficulties even top-tier manufacturers are facing. Xiaomi, on the other hand, performed well overall, with shipments rising 15% overall to 168.6 million units.

The boom was driven by strong demand in China and the company’s successful push into other fast-growing markets. Transsion also made an impact by jumping into the top four for the first time, indicating its growing power in important markets. Interest among consumers shifted toward high-end models in the premium smartphone market, with Apple’s iPhone 16 Pro and Pro Max driving an 11% year-over-year jump in the overall number of shipments for premium devices, which exceeded 55 million. Samsung also enjoyed solid S-series sales, with its Ultra model performing so well that it delivered the company’s best performance since 2019.

There was good market growth for 2024 and some headwinds for 2025 are expected. Slower growth in emerging markets; economic uncertainties; and the impact of US tariffs could weigh on future performance. That said, the premium segment is still a playing ground for opportunities, especially given China’s subsidy programs and the emergence of new financing options. The Smartphone/Aggregate market will keep changing, while 5G and AI innovations will be the future competitiveness growth drivers.

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