Samsung projects Galaxy S24 shipments to increase 10% over S23

Samsung‘s Galaxy S23 phones have been selling well since their launch in February. The latest flagships have outsold the 2022 lineup by about 22 percent. The company now expects next year’s Galaxy S24 series to do even better. It is expecting the 2024 flagships to record a ten percent increase in shipments over the Galaxy S23.

Samsung expects the Galaxy S24 to outsell the Galaxy S23

2023 has been a dull year for Samsung’s chip division, which registered its first losses in 14 years. However, the smartphone division has enjoyed success this year, helping the company post some profit. The Galaxy S23 series, which debuted in February, has reportedly shipped 23 million units in the first eight months. The firm is projecting the annual shipments of the phones to cross 31 million.

This is already impressive as neither the Galaxy S22 nor Galaxy S21 shipped more than 30 million units. However, Samsung isn’t content yet. It has reportedly set up a strategy to increase flagship sales next year. The Korean behemoth plans to ship at least 35 million Galaxy S24 phones. “There may be some adjustments depending on the market situation, but the business strategy has been confirmed in the larger framework,” an industry insider said.

Samsung’s strategy likely includes functional improvements with a focus on generative AI. The company also plans to capitalize on the growing demand for premium smartphones. Three-fourths (75 percent) of all Galaxy sales currently come from low-cost models. Its average selling price (ASP) is less than $300, The Korea Daily reports. On the other hand, Apple’s ASP is over three times higher ($988).

Apple leads the premium segment in most markets. Samsung plans to improve its share in this segment with the Galaxy S24 series. It remains to be seen whether the company can do that. If not, Apple may end up snatching Samsung’s crown as the world’s largest smartphone company, which it has held for several years. The 2024 Galaxy flagships are expected to go official on January 17.

It may be a close battle between Apple and Samsung next year

Even if Samsung manages to hold onto its title in 2024, it may be a close battle. According to industry estimates, the Korean firm’s total smartphone shipments may reach 220-230 million units this year, with Apple reaching 200-210 million iPhone shipments, Next year, Samsung expects its shipments to increase to 253 million. Apple, on the other hand, may close 2024 with 240-250 million shipments.

The projected gap between the two companies is the smallest we have seen at the top in years. If Samsung fails to hit its target in 2024, Apple may leapfrog it to the top spot. Along with the Galaxy S24 series, the Korean firm also needs its foldables to see a sustained demand. The Z-series phones have seen a drop in demand after the entry of multiple rivals this year. Time will tell what the smartphone industry has in store next year.