Apple dominated the global premium smartphone market last year. They had a 71% share which is a lot, but it was a bit less than in 2022 when they had 75%. That means other companies are starting to catch up.
Huawei, a Chinese company, surprised everyone and finished third in the premium smartphone market last year. They had a 5% market share, which was up from 3% in 2022. This year, they are expected to keep doing well with their new P70 series.
But it’s not all good news for Huawei. They need to figure out a way to make really good chips if they want to stay popular. Other companies like Xiaomi and Oppo had smaller shares of the market.
Overall, the worldwide sales of all smartphones are expected to go down 5% in 2023. But sales of the best, most expensive phones are still expected to make up 25% of all sales and 60% of all the money made from selling phones.
A senior analyst said that people are starting to buy more expensive phones because they want them to last a long time. But some people still just want to show off with a fancy phone. In some countries, people are even choosing to buy a more expensive phone instead of a medium-priced one. They are also getting more chances to buy phones in installments or when they are on sale.