The global smartphone market, which slumped to its weakest performance in a decade in 2023, appears to be on the path to recovery. This positive trend is fueled by a gradual increase in sales volume, with the second quarter of 2024 marking the highest growth in three years, according to data from Counterpoint Research.
Analysts believe this signals a shift towards a new market dynamic – one characterized by slower, but steadier, volume growth driven primarily by smartphone replacements.
“The global smartphone market’s volumes are gradually recovering after reaching their lowest point in a decade in 2023,” says Ankit Malhotra, Senior Analyst at Counterpoint Research, highlighting the positive trend.
This recovery isn’t limited to smartphones. The global PC market is also showing signs of life, with shipments experiencing their second consecutive quarter of year-over-year growth in Q2 2024. Looking ahead, another Senior Analysts at Counterpoint Research, William Li predicts that the second half of the year will be a battleground for “AI PCs,” with manufacturers paving the way for a new generation of technology focused on artificial intelligence.
Meanwhile, smartphone manufacturers (OEMs) are capitalizing on two of the hottest trends in the market – foldable phones and generative AI (artificial intelligence that can create new content). Recent launches from Samsung and HONOR showcase this convergence, with both companies focusing on utilizing the larger displays of foldable phones to enhance existing functionalities and introduce new use cases for AI-powered features.