According to MIC (Market Intelligence & Consulting Institute), global smartphone shipment volume for 2024 is expected to reach 1.148 billion units, reflecting a 3% year-on-year growth compared to 2023. Meanwhile, global 5G smartphones alone are anticipated to reach 780 million units in 2024, indicating an 18.7% year-on-year increase, with the penetration rate poised to reach 68%, exceeding MIC's predictions made in August this year.
While the global smartphone market showed signs of improvement in the second half of 2023, the market volume is anticipated to have hit a ten-year low this year.
Currently, there are indications of a rebound in the fourth quarter in China, not only boosting enthusiasm in the Chinese smartphone market but also exerting relative pressure on local Chinese brands and Apple in the Chinese market. However, despite the better-than-expected performance of the Chinese market in the fourth quarter, there remains uncertainty regarding whether this indicates a complete recovery of the consumer market or merely a short-term return of consumer demand in 2024.
About Market Intelligence & Consulting Institute (MIC):
Established in 1987, Market Intelligence & Consulting Institute (MIC) is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan. MIC specializes in industry and market research. With over three decades of experience, MIC provides valuable insights and data-driven recommendations to assist businesses in making informed decisions.