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Smartphone Market Expected to Return to Growth in 2024

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According to a new forecast, the worldwide smartphone market is expected to reach 1.2 billion units in 2024, growing 2.8% year over year. The market has corrected itself and is moving on from the bottom.

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 1,2-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,” says 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 computer

 

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