Published: 12 February 2024
The device market is expected to grow by 3.6% in 2024 to 1.688 billion units. The PC market is expected to grow at 3.5%, driven by business PC demand, while the mobile phone market will grow by 4.1%. Despite the growth in units, the size of the market in 2024 remains 18% lower than it was in 2021.
Through 2024, approximately 5% of global consumers are expected to opt for a secondhand premium smartphone as a replacement for their basic or premium smartphone rather than purchasing a brand new one.
AI or generative AI (GenAI)-enabled devices will only offer incremental advantages to users through 2025.
Through 2024, consumers are expected to replace their smartphones after an average lifetime of approximately 4.1 years, just one month lower than in 2023.
Higher residual value for smartphones is increasing the popularity of the secondhand market, resulting in a smaller total available market for new low-end premium and basic models.
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Analysts:
Ranjit Atwal, Mikako Kitagawa, Tracy Tsai, Rishi Padhi, Namrata Banerjee, Rounak Bhattacharyya, Roberta Cozza, Divyanshu Singh
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