The Counterpoint Research firm estimates that the global premium smartphone market (models priced above $600) will reach record sales in 2023, with growth of 6% compared to 2022. At the same time, the the entire market is expected to experience an annual decline.
Apple leader in the premium smartphone market££££
Apple continues to lead the premium market with a market share of 71% (see graph below -above), down from 75% the previous year. Samsung remains in second position with 17%, or 1% better than in 2022. The following are Huawei, Xiaomi and Oppo with respectively 5%, 2% and 1% market shares. Within the premium segment, it is the ultra-premium pole (over $1,000) that is driving growth. We therefore deduce that the public is increasingly moving towards the best model in a range, for example the Galaxy S23 Ultra from Samsung or the iPhone 15 Pro Max from Apple.
The speaking to Varun Mishra of Countermoint Research££££
;“There has been a shift in consumer purchasing habits in the smartphone market, says principal analyst Varun Mishra. Given the importance of the smartphone, consumers are willing to spend more to get a high-quality device that can be used for a longer period of time. Owning the latest flagships 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 premium bracket. Additionally, these devices are becoming more and more affordable thanks to promotional seasons and financing options.”