The mobile handset market experienced a 2.4% increase in shipments, reaching 1.90 billion devices in 2024. Global smartphone shipments rebounded in 2024 after marginal growth of just 0.1% in 2023, with year-on-year (YoY) sales increasing by 4.6%, driven by improved consumer sentiment and favorable macroeconomic conditions.
Notably, 2023 marked the lowest smartphone sales in a decade. Several key factors contributed to the market’s resurgence, including the introduction of AI-powered smartphones, the growing adoption of foldable and flip devices, and the expanding global penetration of 5G-enabled handsets.