target audience: TECH SUPPLIER Publication date: Jun 2024 - Document type: Market Forecast - Doc Document number: # US52314524
Worldwide Mobile Phone Forecast Update, 2024-2028: June 2024
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Abstract
This IDC study presents the five-year forecast for mobile phone shipments worldwide by device type. The worldwide mobile phone market will reach 1,406.9 million units shipped in 2024, up 1.9% from the 1,380.1 million units shipped in 2023. From there, total mobile phone shipments will grow to 1,440.5 million units worldwide by 2028, resulting in a CAGR of 0.9% from 2023 to 2028.
"The 4% smartphone growth forecast for 2024 is a small indicator that the market is starting to normalize after the ups and downs caused by the COVID-19 pandemic, war, and the economy," said Anthony Scarsella, research director with IDC's Worldwide Quarterly Mobile Phone Tracker. "Despite the fact that we do not expect to reach pre-pandemic volumes during the forecast period, we are witnessing strong demand from emerging markets that looks promising for vendors, consumers, and the overall health of the market. Moreover, the minimal growth in ASP points to prices reaching their summit as more affordable models enter the market to supply the demand with emerging markets."