In 2024, the rebound in smartphone sales is not benefiting Apple, as the company struggles to sell its iPhone 16 globally. After two stagnant years, there is a slight improvement in smartphone sales this year, despite inflation and decreasing purchasing power. Consumers are more willing to upgrade to new models, but Apple is not reaping the rewards, as the iPhone 16 does not sell as well as hoped.
The global smartphone market is experiencing growth of 6.2% in 2024, with an estimated 1.2 billion phones expected to be sold across all manufacturers. While consumers are keeping their smartphones longer, they are currently more inclined to replace old models with newer ones that offer better battery life and improved camera capabilities.
Despite a general market recovery, Apple is not benefiting as much as its competitors. iPhone sales are projected to increase by only 0.6% this year, hampered by low demand in key markets like China, where consumers prefer cheaper devices. Though Apple is seeing modest success in India, with slow but encouraging sales in the premium segment, the company anticipates a recovery in 2025 with a projected 3.1% increase in sales.
