Smartphone Revenues Resume Growth in 2024, ASP Hits Record High

Global smartphone revenues grew 5% in 2024, ending a two-year streak of declines, while the global ASP climbed to a record high of $356, according to Counterpoint Research. Furthermore, global smartphone shipments also registered growth after two years as global macroeconomic conditions and consumer sentiment improved which led to increased upgrades driven by 5G adoption and features like better cameras and faster processors.

“There were many positives for the smartphone market in 2024 as both ASPs and shipments grew. Revenue growth continues to outpace shipment growth and ASP continues to reach new record levels driven by OEMs’ growing focus on the premium segment and consumers’ desire for high-end devices and rising input costs. Going forward, in 2025, smartphone shipments are likely to grow in single-digit percentages, while ASPs and revenues will continue to outpace shipment growth. Low-cost 5G and the diffusion of GenAI to lower price segments are key trends to look out for in 2025,” said Shilpi Jain, Senior Analyst at Counterpoint Research.

“Despite the 3% YoY decline in Apple’s iPhone shipments, the brand’s revenue was not hurt much and ASP continued to grow, which surpassed the $900 mark – a new record. The contribution of the Pro series within Apple’s portfolio continues to rise. Also, Apple continues to expand its footprint in emerging markets where the growing middle class is driving demand. Latin America was the fastest growing region for Apple with iPhone shipments increasing 44% YoY driven by local availability of the latest series and price discounts on legacy models,” said Jeff Fieldhack, Research Director at Counterpoint Research.

Samsung maintained its dominance in the global smartphone market in terms of shipments despite facing a marginal decline in 2024. The brand’s shipment decline was offset by ASP growth which outperformed the market and helped its revenue rise by 2%. Among the top five OEMs, vivo recorded the fastest growth (20% YoY) in revenue globally, thanks to its success in China and India. The brand ranked first in 2024 shipments in these markets. Xiaomi recorded a 16% growth in global shipments, making it the fastest-growing brand among the top five OEMs. The vendor also performed well in China’s premium market. Xiaomi’s entry into the automotive segment also helped enhance its brand image.

Although the overall global smartphone market is showing signs of maturity, reflected in its slow growth and extended replacement cycles, there is still some potential for further growth in the coming years. Emerging markets such as the Middle East and Africa, Latin America, India, and Southeast Asia are expected to become key growth drivers.