According to market research firm Counterpoint, global smartphone revenue grew 5% in 2024 compared to 2023. The average selling price (ASP) of a smartphone in 2024 was $356, up 1% from the previous year.
Global smartphone shipments also saw growth largely due to improved consumer sentiment and macroeconomic conditions. Consumer sentiment was boosted by the adoption of 5G, faster processors, and better cameras on smartphones.
Both ASPs and smartphone shipments are expected to grow through 2024, with revenue growth outpacing shipment growth, said Shilpi Jain, senior analyst at Counterpoint.
Consumers are demanding premium devices, so OEMs (original equipment manufacturers) have increased their focus on this segment. Smartphone shipments are expected to grow further in 2025 with low-cost 5G devices and GenAI technology penetrating deeper into lower price segments.
In 2024, although Apple's iPhone shipments fell 3% year-on-year, the brand's revenue still increased, with the average selling price of an iPhone reaching $900, said Jeff Fieldhack, research director at Counterpoint.
The bulk of Apple's revenue comes from the Pro line, and Apple is also expanding its presence in emerging markets. In 2024, iPhone shipments in Latin America grew 44% year-over-year, driven by price cuts on older models and the availability of the latest models.
Samsung is still dominating global smartphone shipments, even after seeing a small decline in 2024. Samsung's revenue increased 2% year-on-year, mainly due to the growth in ASP of the S24 series. Samsung is also leading the market in integrating AI into its premium smartphones.
Vivo saw the fastest revenue growth globally (20% YoY) among the top 5 OEMs in India and China. Vivo also topped smartphone shipments in India and China.
Xiaomi is forecast to see 16% growth in shipments in 2024, making it the fastest growing brand among the top five OEMs. This is due to Xiaomi launching more affordable 5G devices, streamlining its portfolio, and expanding into markets such as the Middle East, Latin America, and Africa. Xiaomi is also doing well in China with its premium segment.
