The global high-end smartphone market experiences unprecedented sales in 2023
Based on the Market Pulse Service data from Counterpoint Research, premium smartphone shipments worldwide are projected to increase by 6 percent year-on-year in 2023. This uptick is particularly notable as the overall global market is expected to witness a decline during this period. Notably, the data encompasses smartphones priced above $600 at wholesale, with volumes having tripled in 2023 compared to 2016.
Shifting trends in consumer purchasing behavior
The surge in high-end smartphone sales can be linked to a shift in consumer preferences towards durable, top-quality devices with longer lifespans. This change in consumer behavior has significantly contributed to the spike in sales of premium smartphones. Remarkably, India is recognized as the fastest-growing premium market globally, followed by China, Western Europe, and the MEA regions.
Significant market share for ultra-premium segment
In 2023, the ultra-premium sector, encompassing smartphones priced above $1,000, seized a third of total premium smartphone market sales. This data suggests a substantial demand for top-tier smartphones boasting advanced features and cutting-edge technologies.
Apple dominates the premium market sector
The statistics reveal that Apple leads the premium market domain with an impressive 71 percent share. However, this marks a 4 percent reduction compared to the previous year. South Korean giant Samsung commands a 17 percent share in the premium smartphone market, driven by the success of its S23 series. Conversely, Huawei secured the third position with a 5 percent share, experiencing a 2 percent increase from the previous year due to the popularity of the Mate 60 series. Xiaomi and OPPO captured 2 percent and 1 percent of the market share, respectively.
The rise of foldable smartphones
Counterpoint Research underscores the emergence of foldable phones as a distinguishing feature in the premium market. These devices present a unique and innovative form factor, appealing to consumers seeking a more versatile smartphone experience. The introduction of foldable phones has significantly bolstered growth within the premium segment.
Anticipated continued growth
Counterpoint Research foresees sustained growth in the premium smartphone segment, surpassing the expansion rates of the global smartphone market. This suggests that consumers are increasingly inclined to invest in high-end devices offering advanced features and technologies. With the escalating demand for premium smartphones, manufacturers are poised to pursue innovative strategies and unveil novel devices to cater to this market segment.
