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If Samsung is number 1 in the global smartphone market, the premium segment is dominated by Apple. And in 2023, that hasn’t changed. In a recent publication, Counterpoint Research publishes data on the performance of the premium segment (smartphones sold for more than $600) around the world. According to this publication, Apple continues to be the undisputed leader.
However, compared to 2022, Counterpoint observes that Apple's market share in the premium segment was declining. Indeed, while this was 75% in 2022, it was 71% in 2023. This change would be attributed to the success of Huawei's flagships, the Mate 60, in China, and to the success of the Galaxy S23 series and folding smartphones from Samsung. But in all cases, these competitors are still far from competing with the Cupertino company in the premium category. Samsung, for example, only had a 17% share in this segment in 2023.
However, the premium segment is the one that generates the most income, and therefore the most profits. By 2023, smartphones priced over $600 accounted for nearly a quarter of global sales, but captured 60% of market revenue.
Products that sell well in times of crisis
The other advantage of premium smartphones is the fact that they continue to sell well despite inflation. Moreover, Counterpoint estimates that 2023 was a record year for smartphones over $600, with an increase of 6%. Meanwhile, smartphone sales across all categories have declined.
In addition, Counterpoint is observing a shift in consumer behavior. “Given the importance of a smartphone, consumers are willing to spend more to get a high-quality device that they can use for longer”, says Varun Mishra, principal analyst . “Owning the latest and greatest flagship products has also become a status symbol for many consumers, especially in emerging markets where they are moving straight from the mid- to high-end price bracket. Additionally, these devices are becoming more and more affordable due to promotional seasons and financing options.”
- Counterpoint releases data on premium smartphone sales in 2023
- Despite a decline in market share, Apple is still the leader undisputed market share in this segment
- In 2023, models priced over $600 will generate 60% of smartphone revenues
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