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Smartphone Market Recovers With 6.4% Annual Growth In 2024

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With slower growth expected for 2025, the smartphone market worldwide ends 2024 with a 6.4% growth YoY, with Chinese brands in the spotlight, driving 56% of Q4 shipments.

The global smartphone market saw a 2.4% year-on-year (YoY) growth in shipments during Q4 2024, reaching 331.7 million units, according to a report from International Data Corporation (IDC). This marked the sixth consecutive quarter of growth, with total annual shipments up by 6.4% to 1.24 billion units—a strong recovery after two years of decline.

The rise is expected to continue in 2025, albeit at a slower pace, as extended refresh cycles and pent-up demand are met.

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“The strong growth witnessed in 2024 proves the resilience of the smartphone market despite macroeconomic challenges, inflation, and tepid demand,” said Nabila Popal, IDC’s senior research director. As per the data, vendors adapted by expanding product ranges, offering interest-free financing, aggressive trade-ins, and targeting low-end and premium segments, especially in China and emerging markets.

Brand-wise, Apple and Samsung remained market leaders but recorded YoY declines, with Q4 market shares of 23.2% and 15.6%, respectively. Xiaomi, in third place, grew 4.8% YoY for Q4, while vivo and Transsion tied for fourth with shares of 8.2%.

Chinese brands collectively shipped a record-high 56% of global smartphones in Q4, driven by low- and mid-range devices, though Huawei maintained its premium positioning.

Source: IDC

Annual figures of the calendar year 2024 showed that Apple shipped 232.1 million units (dropping by 0.9%), followed by Samsung with 223.4 million, with a decline of 1.4%. Xiaomi, on the other hand, rose 15.4%, shipping 168.5 million units, while Transsion and OPPO grew 12.7% and 1.4%, respectively.

“Despite growth, demand for foldables fell short of expectations,” noted Anthony Scarsella, IDC’s research director, highlighting a shift toward AI-driven advancements at the expense of foldable development, especially in premium devices.

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Shubha Mitra
Shubha Mitra
Shubha is a journalist at EFY. She is keenly interested in India's evolving electronics ecosystem. Her focus revolves around government policies, legislation, and public-private partnerships related to the industry.

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