Counterpoint Research has now released the report on the Premium Smartphone Market sale in 2023. As per the latest report smartphones priced over $600 have witnessed a 6% YoY growth in 2023. Apple remains the top choice in the high-end segment, followed by Samsung.
The report reveals that iPhones are the preferred choice of flagships, with a market share of over 70% in the price segment above Rs 50,000.
Samsung has secured the second spot with 17% market share, due to its success with the Galaxy S23 Series and foldable devices. Samsung is undisputedly the market leader when it comes to foldable smartphones.
This contrasts with the decline projected for the overall global smartphone market this year. The premium segment is likely to capture close to one-fourth of the global smartphone market sales and 60% of the revenues in 2023. Over the past few years, the premium segment has emerged as a growth area in the otherwise weak market.
Official Statement
Commenting on the premium market’s growth, Senior Analyst Varun Mishra said, “There has been a shift in consumer buying patterns in the smartphone market. Considering the importance a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period. Owning the latest and greatest flagships has also become a status symbol for many consumers, especially in emerging markets where they are jumping directly from the mid-price band to the premium band. Further, these devices are increasingly becoming more affordable due to promotion seasons and financing options.”
