As 2023 slowly comes to an end, Canalys issued a forecast report that looks at the estimated global smartphone shipments for this year and the following four years. The good news for vendors is that 2023 will see some recovery in markets like Latin America (2%), Africa (3%) and the Middle East (9%) with an estimated 1.13 billion global smartphone shipments for 2023 and a 5% decline compared to 2022.
The trend is only expected to improve in 2024 with an estimated 1.17 billion smartphone shipments for next year which would represent a 4% annual growth compared to the values for 2023.
The new report specifies that consumers are willing to spend more on their smartphones with average selling prices now in the $440 range. Emerging markets are set to be at the epicenter of 2024’s growth with 33% of all new smartphones in 2024 to be shipped in the Asia Pacific region which includes markets like India, South Korea, Vietnam Indonesia and Malaysia. Growing consumer confidence and improving macroeconomic conditions are set to stabilize smartphone shipments.
Global smartphone shipment foreceast and annual growth 2022-2024
All key markets, except North America, are expected to experience growth in 2024. Asia Pacific, Middle East and Africa are expected to see a 6% YoY growth in 2024 while Europe is expected to come in with a 7% annual growth. Canalys also expects the increasing demand trend to keep going up over the next few years ultimately reaching 1.25 billion shipments in 2027.
