The global smartphone market grew by 7% year-over-year (YoY) to reach 323.2 million units in quarter four (Q4) of 2023, according to new data from Counterpoint Research.
The research group says that Apple grew by 2% YoY, overtaking Samsung for the top spot. Samsung, meanwhile, declined by 9% YoY losing share to Apple in the premium segment, to Chinese manufacturers such as Xiaomi in the mid-tier segment and to Transsion brands in the entry-level.
According to Counterpoint, Apple and China-based 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. Huawei is expected to retain its strong presence in China’s smartphone market in 2024.
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