In the global premium smartphone market, where phones cost from US$600, Apple remained the “undisputed leader” last year with a dominant 71% share, according to the latest industry report released Tuesday by Counterpoint Research.
Samsung retained second place globally in the premium segment with a 17 percent share, up from 16 percent in 2022. Yet number 3 Huawei gained more ground year-over-year with a 5 percent share, up from 3 percent. hundred in 2022, according to the Counterpoint report.
Latest market data shows the resilience of the premium segment, despite the overall global smartphone market forecast to decline in 2023 – global phone shipments expected to hit their lowest level in almost a decade, with a drop of 5 %, according to a previous report. Counterpoint report.
The premium segment, meanwhile, is expected to account for nearly a quarter of global smartphone market sales and 60% of industry revenues in 2023. Counterpoint data shows that the so-called ultra-premium segment, where smartphones cost more than US smartphones, $1,000, accounted for a third of total high-end phone sales last year.
Over the past few years, the premium segment has emerged as a growth area in the otherwise weak global smartphone market. Counterpoint forecasts that the premium segment’s share of sales will triple to 24% in 2023, up from 6% in 2016.
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“There has been a shift in consumer purchasing habits in the smartphone market,” Varun Mishra, principal analyst at Counterpoint, said in the report on the premium segment. “Given the importance of a smartphone, consumers are willing to spend more to get a high-quality device that they can use for a longer period of time.”
“Owning the latest and greatest flagship products has also become a status symbol for many consumers, especially in emerging markets where they are moving straight from the mid-price bracket to the high-end bracket,” he said. Mishra said. “Additionally, these devices are becoming more and more affordable due to promotional seasons and financing options. »