New Delhi, Mar 28 (IANS): Global smartphone shipments in 2024 are likely to see a modest rebound of 3 per cent (year-on-year) to reach 1.2 billion units, a report showed on Thursday.

The budget segment ($150-$249), which shrank in 2023 due to macroeconomic headwinds, especially in emerging markets, and the premium segment ($600-$799) are expected to drive this rebound, according to Counterpoint Research.

Unlike 2023, emerging markets such as India and the Middle East and Africa (MEA) are expected to drive the global smartphone market’s growth in 2024, supported by the budget-economy segment.

“The budget-economy segment, which experienced a noticeable decline in 2023, is expected to rebound 11 per cent YoY in 2024, primarily driven by India, MEA and CALA (Caribbean And Latin American) markets,” the report noted.

The premium segment ($600-$799) is expected to maintain steady growth in 2024, rising 17 per cent YoY.

“In particular, the introduction of GenAI smartphones and the popularity of foldables will stimulate consistent demand for premium smartphones,” the report said.

Apple and Huawei are likely to lead the premium segment’s growth. The steady demand for iPhones, particularly in emerging markets such as India and MEA, will drive Apple’s growth.

“For the longer term, we expect low-single-digit YoY increases for global smartphone shipments as the market seems to have bottomed out,” the report added.