According to data from Counterpoint Research’s Market Pulse Service, the global premium smartphone shipments are poised to experience a robust 6 percent year-on-year growth in 2023. This category encompasses smartphones with a wholesale price exceeding $600. Impressively, the volumes have surged threefold in 2023 compared to 2016, defying the anticipated overall market decline for the year.
The surge in the premium smartphone segment can be attributed to a notable shift in consumer purchasing behavior, with a preference for acquiring high-quality devices intended for longer usage. Noteworthy is the assertion that India stands out as the fastest-growing premium market globally, propelled by robust contributions from China, Western Europe, India, and the MEA regions. The ultra-premium segment, featuring devices priced above $1,000, seized a remarkable one-third of the total premium smartphone market sales in 2023.
As the data indicates, Apple continues to dominate the premium market segment with an impressive 71 percent market share, although it experienced a marginal 4 percent decline compared to the previous year. Samsung, driven by its S23 series, holds a 17 percent share, securing the second position. Huawei secured the third spot with a 5 percent share, marking a 2 percent increase from the previous year, credited to the popularity of the Mate 60 phones. Xiaomi and OPPO captured 2 percent and 1 percent of the market share, respectively. According to the research firm, the emergence of foldable phones is identified as a significant differentiator in the premium market.
Counterpoint Research predicts that the premium smartphone segment is poised to sustain its positive momentum, outpacing the overall global smartphone market in the foreseeable future.