Worldwide Smartphone Recovery Is Happening as Shipments Are Forecast to Grow 2.8% in 2024
February 23, 2024 | IDCEstimated reading time: 1 minute
Over the past seven years, the worldwide smartphone market has contracted six times on an annual basis. However, 2024 is set to be the year where the smartphone market swings back to growth. According to a new forecast from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, smartphone shipments are expected to reach 1.20 billion units in 2024, growing 2.8% year over year, followed by growth in the low single digits through 2028. While overall volumes are still below pre-pandemic levels, IDC believes the market has corrected itself and is moving on from the bottom.
"It's been a challenging run for the smartphone market, even when looking at the years leading into the pandemic," said Ryan Reith, group vice president with IDC's Worldwide Mobility and Consumer Device Trackers. "While the world continues to face a challenging macroeconomic environment, several device categories that compete for a share of wallet are seeing a return to growth, including personal computers. IDC firmly believes the smartphone will remain the quintessential device for most, but ongoing price increases and the improved durability of today's smartphones supports an already lengthened replacement cycle, which will dampen new shipment growth."
Device replacement cycles and rising demand in emerging markets are certainly key drivers to overall market recovery, but recent technological developments have brought new energy to the smartphone space. Most notably, foldable smartphones continue to grow rapidly with year-over-year growth of 37% expected and shipments reaching 25 million in 2024. In addition, artificial intelligence (AI) has quickly become part of the smartphone discussion, sparking new interest in next-gen AI experiences on a handheld device.
"Although total smartphone shipments remain below pre-pandemic levels, the good news is that consumers are willing to pay more for their phones. This will be further fueled by innovations in foldables and the idea of next-gen AI on a device," said Nabila Popal, research director with IDC's Mobility and Consumer Device Trackers. "IDC forecasts 170 million next-gen AI smartphones will ship in 2024, representing almost 15% of the total smartphone market and surpassing even AI PCs. Next-gen AI smartphones will grow rapidly beyond 2024 as use cases evolve and industry players continue to push forward the NPU technology. While AI will impact all devices, smartphones will be the device driving the AI revolution into every home."
Suggested Items
TEXMAC/Takaya Appoints Arrowhead as New Rep in Arizona
02/14/2025 | TEXMACTEXMAC, the exclusive authorized distributor of Takaya flying probe test systems in North and South America, announces the appointment of Arrowhead Technical Sales & Marketing, LLC and Brian L. Crisp to represent the company’s flying probe test systems and technology in the state of Arizona. The company is based in Lake Havasu City, AZ, and can be reached at Tel. (909) 273-7111, e-mail brian@arrowheadtechnicalsales.com.
Nordson Electronics Solutions Introduces ASYMTEK Select Coat SL-1040 Ultrasonic Cleaning Station for Maintaining Conformal Coating Equipment
02/13/2025 | Nordson Electronics SolutionsNordson Electronics Solutions, a global leader in reliable electronics manufacturing technologies, announces their latest technology innovation for conformal coating systems, the ASYMTEK Select Coat® SL-1040 Ultrasonic Cleaning Station (patent pending) to keep nozzles and needles clean, and prevent clogging during production
Unveiling the Future: Insights on Next-Gen Megtron Materials
02/13/2025 | Marcy LaRont, I-Connect007In this interview from DesignCon, Jim Kenny, OEM business development manager at Panasonic, touches on next-generation Megtron materials and delves into the industry's growing demand for high-speed, low-loss laminate systems, particularly in light of the anticipated 224 gigabits per second technology. With a focus on material development and production timelines, Jim highlights the challenges and opportunities in meeting customer needs while also maintaining quality and supply chain stability. As Panasonic prepares for the evolving landscape, they remain committed to innovating in this competitive market.
Infineon Reaches Next Milestone on 200 mm SiC Roadmap
02/13/2025 | InfineonInfineon Technologies AG has made significant progress on its 200 mm silicon carbide (SiC) roadmap. The company will already release the first products based on the advanced 200 mm SiC technology to customers in Q1 2025.
ICAPE Group Reports 2024 Full-Year Revenue of €181.6 Million
02/13/2025 | BUSINESS WIREThe ICAPE Group, a global technology distributor of printed circuit boards (PCB) and custom-made electromechanical parts, today announced its revenue for the 2024 financial year, ending December 31.