In a recent report, Counterpoint Research has unveiled a comprehensive analysis of the premium smartphone market in the year 2023.
Drawing upon their research findings, which are anchored in the preliminary data from Q4 2023, a notable trend emerges – the sales of smartphones priced above the $600 mark have surged, marking an impressive 6% year-over-year growth rate.
Interestingly, this upward trajectory stands in stark contrast to the previously anticipated decline in the broader smartphone market. The research analysts further highlight that a significant 24% of the entire smartphone market now resides within the premium echelon.
What’s more, this premium segment is not confined to traditional markets but is also making significant inroads into emerging markets, underscoring its increasing significance and appeal on a global scale.
As Senior Analyst Varun Mishra observes, there’s a notable shift in consumer preferences, with an increasing willingness to invest in high-quality devices that offer prolonged utility.
In this landscape, Apple continues to assert its dominance as market leader, significantly outpacing its closest competitor, Samsung, by a staggering fourfold margin. Samsung, on the other hand, has managed to incrementally narrow this considerable gap, fueled by the successful performance of its Galaxy S23 series and foldable devices.
Meanwhile, Huawei has also made commendable strides, particularly within the Chinese market, where its Mate 60 lineup garnered considerable acclaim and sales success. These dynamics underscore the evolving landscape of consumer choices and brand competitiveness in the premium smartphone segment.
The surge in the premium smartphone market finds its roots in robust sales figures recorded across key regions, including China, Western Europe, India, and the MEA (Middle East and Africa) regions. Notably, Counterpoint Research’s insights unveil a compelling narrative: China, India, and Latin America are poised to shatter records in premium market sales, with India emerging as the frontrunner in global growth.
What’s fueling this remarkable expansion is the ultra-premium segment, characterized by devices commanding price tags of $1,000 or more. Projections for the immediate future indicate a sustained trajectory, with premium devices expected to consistently outpace the broader smartphone market.
