Samsung's 2024 goal: sell more higher priced phones and raise its Average Selling Price

A report in Korea Daily (via SamMobile) suggests that the manufacturer is expecting the Galaxy S24 series to outsell the current Galaxy S23 line. The report says that Samsung's goal is to ring up 35 million Galaxy S24 series phones next year which would be more than a 10% hike from the 31 million Galaxy S23 units that will be sold in 2023. Helping Samsung reach this target, the Galaxy S24, Galaxy S24+, and Galaxy S24 Ultra will be unveiled during a Samsung Unpacked event rumored to take place in January, a little earlier than last year.

As we noted above, the Galaxy S23 series will tally 31 million units sold this year which compares favorably with sales for the Galaxy S21 and Galaxy S22 lines, both of which achieved sales of under 30 million units. The world's top smartphone manufacturer, Samsung reportedly expects to ship 253 million smartphones next year. Analysts note that both Samsung and rival Apple have similar goals which is to ship approximately 250 million smartphones in 2024.

Some analysts are expecting Apple to surpass Samsung in smartphone shipments this year which would end a long streak for the Korean manufacturer at the top. Besides the Galaxy S24 flagship series, in 2024 Samsung will release the Galaxy Z Fold 6 and Galaxy Z Flip 6 foldable phones along with its A-series and M-series mid-range units. 

Over 75% of the phones sold by Samsung each year are low-priced models which means its flagship and foldable models account for only 25% of the phones that Sammy ships. As a result, Samsung's Average Selling Price (ASP) is $295 compared to Apple's $988. Next year, Samsung plans to hike its ASP by selling more high-end phones like the Galaxy S24 series. The company also hopes to sell more than 10 million high-priced Galaxy Z foldable units next year,

Daniel Araujo, Corporate VP at Samsung's MX business segment, said, "We expect premium-centered demand to increase in the smartphone replacement cycle next year. We achieved double-digit growth in annual flagship shipments and sales growth exceeding the market growth rate." Besides the goal of selling 10% more Galaxy S24 series phones next year, Samsung wants to see more of its high-priced handsets in the list of the top ten best-selling smartphones.

According to Omidia, the top ten smartphones based on shipments for the first half of this year include:

As you can see from the list, most of the Galaxy phones, with one exception, are mid-range handsets.