The premium smartphone market saw a significant growth in 2023, according to a report from Counterpoint Research. The sales of smartphones costing more than $600 increased by 6% compared to the previous year. This is especially noteworthy as the overall smartphone market was projected to decline.
The research found that 24% of all smartphones now fall into the premium category, indicating an expanding segment, particularly in emerging markets. Senior Analyst Varun Mishra noted that consumers are now more willing to invest in high-quality devices that can be used for a longer period.
Apple maintained its position as the leading brand in the premium market, outselling its closest competitor, Samsung, by four times. However, Samsung managed to narrow the gap, driven by successful sales of its Galaxy S23 and foldable devices. Huawei also made significant strides with its Mate 60 lineup in China.
The surge in the premium market was largely driven by sales in China, Western Europe, India, and the MEA regions. The report predicts that China, India, and Latin America are likely to set new records for premium market sales, with India being the fastest-growing market globally.
The growth in the premium market can be attributed to the demand for ultra-premium devices, which cost $1,000 or more. Counterpoint Research anticipates this trend to continue in the near future, with premium devices outpacing the overall smartphone market.
Overall, the report paints a positive picture for the premium smartphone market, indicating a shift in consumer preferences towards high-quality, long-lasting devices. It also highlights the potential for further growth, particularly in emerging markets. With Apple maintaining its dominance and other players making significant strides, the premium smartphone market is set to remain a key area of focus for smartphone manufacturers in the coming years.