Counterpoint Research posted its overview of the premium smartphone market in 2023. According to its research, based on preliminary Q4 2023 results, sales of smartphones that cost more than $600 have increased by 6% on a yearly basis.
This is in contrast to the projected decline of the overall smartphone market. The analysts said 24% of all smartphones now fall in the premium category, and the segment is expanding in emerging markets.
According to Senior Analyst Varun Mishra, consumers are now willing to pay more for a high-quality device that can be used for a longer period.
Apple remained the market’s undisputed leader in the segment, with 4x more sales than the second-placed Samsung. The Korean manufacturer managed to narrow the gap ever so slightly, driven by successful sales of its Galaxy S23 and foldable devices. Huawei also did a great job with the Mate 60 lineup in China.
The premium market growth was driven by sales in China, Western Europe, India, and the MEA regions. Counterpoint Research revealed that China, India, and Latin America are likely to see a new record for premium market sales, with India being the fastest-growing market globally.
This growth is primarily driven by the ultra-premium segment, which is devices that cost $1,000 or more. Expectations for the near future are for this trend to continue and for premium devices to outgrow the overall smartphone market.