April 13, 2024
Apple Dominated the Premium Smartphone Market in 2023 [Chart]

Apple Dominated the Premium Smartphone Market in 2023 [Chart]

Posted January 3, 2024 at 4:05pm by iClarified
Apple continued its dominance of the premium smartphone market in 2023, according to a new report from Counterpoint Research.

Apple continues to be the premium market's undisputed leader. However, compared to 2022, its share has declined this year. This is mainly due to Huawei's resurrection in China driven by the Mate 60 series. Samsung has also gained share driven by its S23 and Foldable series. Foldables have also emerged as a differentiator in the premium market.

Sales of premium smartphones, those with a price greater than or equal to $600, grew 6% in YoY in 2023 to hit a new record. The premium market is now close to one fourth of total global smartphone sales and 60% of revenues.


Commenting on the premium market's growth, Senior Analyst Varun Mishra said, "There has been a shift in consumer buying patterns in the smartphone market. Considering the importance a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period. Owning the latest and greatest flagships has also become a status symbol for many consumers, especially in emerging markets where they are jumping directly from the mid-price band to the premium band. Further, these devices are increasingly becoming more affordable due to promotion seasons and financing options."

Premium market growth is reportedly being driven by China, Western Europe, India and the Middle East and Africa (MEA) regions. Counterpoint expects China, India, MEA and Latin America to see a new record for premium market sales, with India being the fastest-growing premium market globally.

Within the premium market, ultra-premium devices are driving growth. The $1,000 and above price segment captured over one-third of the total premium market sales in 2023.

More details in the full report linked below...


Read More


Apple Dominated the Premium Smartphone Market in 2023 [Chart]
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