Premium Smartphone Market Grows Unexpectedly in 2023: Research

Amidst the global economic downturn, smartphone analysts predicted a decline in the premium smartphone market. However, on the contrary, Counterpoint Research shows growth in the premium smartphone market in 2023. As per its research, based on the initial results of Q4 2023, sales of smartphones with a price of more than $600 have grown by 6% annually.

Moreover, the analysts said 24% of all smartphones now come in the premium category, and the segment continues to expand in emerging markets. According to the senior analyst, customers are now willing to pay additional costs for a high-quality smartphone that is more durable.

The Silicon Valley giant Apple remained on top in the premium smartphone segment, with four times more sales than the second-placed Samsung. The latter narrowed the gap ever so slightly, owing to successful sales of its Galaxy S23 and foldable devices.

This growth is mainly driven by the ultra-premium segment, which comprises devices that cost $1,000 or more (like the iPhone 15 series, Samsung S23 series, etc.). According to expectations from the industry, premium devices will likely outgrow the overall smartphone market.

Moreover, smartphone sales in Western Europe, India, China, and the MENA regions drove premium market growth. Moreover, counterpoint research shows that China, India, and Latin America are poised to set a new record for premium market sales, with India being the fastest-growing market worldwide.

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