Unlock stock picks and a broker-level newsfeed that powers Wall Street. Upgrade Now
Insider Monkey
20 Best Cheap Phones for 2024
Talha Qureshi
11 min read

In This Article:

In this article, we will look at the 20 best cheap phones for 2024. If you want to skip our detailed analysis, you can go directly to the 5 Best Cheap Phones for 2024.

Overview of the Global Smartphone Industry

The global smartphone industry is one of the fastest evolving industries and experiences regular updates and new smartphone devices to boost user experience and utility. According to a report by Mondor Intelligence, the global smartphone market was valued at $1.51 billion in 2024 and is expected to grow at a compound annual growth rate of 4.10% to reach $1.85 billion by 2029. 

The Asia-Pacific region holds the greatest market share mainly due to its highly developing telecommunication infrastructure and large customer base. Some of the leading countries with the most sophisticated technology infrastructure in the region include India, Indonesia, Japan, Australia, China, and South Korea. On April 5, Reuters reported that NVIDIA Corporation (NASDAQ:NVDA), in collaboration with Indonesia’s telecommunication firm, PT Indosat Ooredoo Hutchison Tbk (IDX:ISAT), plans to invest $200 million in 2024 to build an artificial intelligence center in Surakarta, Indonesia. The AI center is expected to further boost Indonesia's technology infrastructure and include a human resource center. To read more about mobile phones, you can look at 10 Smartphones with the Best Cameras and Battery Life and 15 Best Android Phones for 2024.

Upcoming Market Trends

The mobile phone market is driven by increasing disposable income, global development in the telecommunication infrastructure, and the emergence of high-tech, budget-centric phones. However, moving forward, the market is transitioning towards further enhancement of smartphone technology. According to a report by Forbes, tech experts expect future smartphones to have cutting-edge technologies, including but not limited to holographic displays, universal wireless charging, improved integration of artificial intelligence and machine learning capabilities, and enhanced health tracking.

The Tug of War Between Samsung and Apple

The global smartphone market is witnessing intense competition between Samsung Electronics Co, Ltd (OTC:SSNLF) and Apple Inc. (NASDAQ:AAPL) to secure the highest smartphone sales market share. Samsung Electronics Co, Ltd (OTC:SSNLF) has led the smartphone market for over 12 years. However, in the fiscal 4th quarter of 2023, Apple Inc. (NASDAQ:AAPL) took the top position in the market for the first time in over a decade. The company held 23% of the global smartphone shipment market by shipping approximately 74.0 million phones in the fiscal fourth quarter of 2023. Moreover, according to the International Data Corporation (IDC), Apple Inc's (NASDAQ:AAPL) global smartphone shipments grew by 3.7% from 2022 to 2023 against a drop of 13.6% for Samsung Electronics Co, Ltd (OTC:SSNLF) during the same year. However, Apple Inc. (NASDAQ:AAPL) could not secure the top position as the company's market share went down drastically to 17.3% in the first quarter of 2024. According to a report by The Guardian, Apple Inc. (NASDAQ:AAPL) global shipment of iPhones went down from 55.4 million to 50.1 million during the first quarter of 2024. This steep drop in sales of iPhones has been the biggest ever since COVID-19 and is mainly due to the Chinese government's ban on foreign devices. Apple Inc. (NASDAQ:AAPL) remains a leading player in the global smartphone market.  You can also look at the 10 Best Selling Smartphones in Japan.

Terms and Privacy Policy
Your Privacy Choices
Utah Privacy Notice
More Info

Recommended Stories