Counterpoint, a renowned global industry analysis and consulting firm, has now released its new report on the global smartphone market share for the year 2023. The report reveals detailed information on the market share of each smartphone brand in the premium segment and market analysis as well. It has got some very interesting things to reveal such as Apple facing a decline in market share. Keep reading the information till the end to know more about it.
Global Premium Smartphone Market has Grown Significantly in 2023
According to Counterpoint Research’s market pulse service data, the premium smartphone market globally has recorded significant growth. The overall market grew as much as 6% year-on-year for the year 2023.
The trend is expected to continue in the coming years. More and more people are spending higher amounts by purchasing premium smartphones. The report specifies that, in this context, ‘premium’ refers to devices priced above $600 (~INR 50,000).
If we compare the total volume of premium smartphones sold in 2023 with that of 2016, the market has grown as much as 300%. Some reports released previously claimed that the overall premium smartphone market may face a considerable decline in terms of sales in 2023. However, the latest report contradicts it, which is very intriguing and goes to show how unpredictable the smartphone market is.
There could be multiple reasons behind this but one of the reasons stated is the increasing purchasing power of the consumers and their will to spend higher on smartphones and to use them in the long term. Anyway, four markets have emerged as major contributors to the growth of this market, and those are India, China, Western Europe, and MEA regions. Interestingly, ultra-premium smartphones, priced above $1000 (~INR 82,000), now account for one-third of the total premium market share.
Going further, the report reveals that India is the fastest-growing market in terms of premium smartphones, which is quite surprising.
Apple leads the premium smartphone market globally
As usual, Apple holds the highest share in terms of brand-wise market share. Apple alone accounts for 71% of the total market share, but they have faced a decline of 4% compared to the previous year. Samsung dominates the second position with a 17 percent market share and Huawei comes third with a 5% market share. Notably, Huawei has recorded a positive growth of 2% year-on-year. Xiaomi and OPPO are also there on the list with a small yet interesting 2% and 1% market share respectively.
The report concludes with statements claiming that foldable smartphones are emerging as another differentiator in the premium smartphone market. The premium smartphone segment will soon outgrow the global smartphone market.