Premium Market Captures More Than Half of Global Smartphone Revenue in 2022
The premium smartphone market make up more than half of global smartphone revenue in 2022. Among all the big players, Apple is in first place. Sales in the overall global smartphone market dropped 12% year-on-year between 2021 to 2022 due to a variety of macroeconomic difficulties. However, the premium end of the scale still performed well.
Premium Market Captures More Than Half of Global Smartphone Revenue in 2022
According to a report from Counterpoint, the global premium smartphone market, which consists of devices with a wholesale price at or above $600, saw a small 1% of YoY growth in 2022. However, there is an overall market drop as well. In simple words, premium smartphone sales contributed 55% of the total annual smartphone market revenue for the first time ever.
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Analysts also highlight a number of reasons for growth. The increased centrality of a smartphone to a person’s life also means people are more prepared to spend heavily and retain them for a longer period. This cultural change also led to the $1,000 and above price segment becoming the fastest growing in 2022, with 38% year-on-year.
Among all, Apple continues to maintain its grip over the premium market for another year, holding on to 75% in 2022 versus a 71% share in 2021. This was due to a growth in sales of 6% year-on-year for Apple. Samsung was in second place, declining from a 17% share to a 16% share due to a 5% YoY decline in the segment.
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