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While the global market was in crisis in 2023, due to inflation, the premium segment had a record year. In any case, this is what a publication on the Counterpoint Research site predicts, pending final data. According to it, premium smartphones, sold at more than $600, probably experienced growth of 6% in 2023, compared to 2022, and should set a new record.
Counterpoint also predicts that the market share of premium smartphones, out of sales of smartphones in all categories, should reach 24%. For comparison, this share was 21% in 2022 and 6% in 2016. And if Samsung is the leader in the smartphone market, that of premium models is still dominated by Apple.< /p>
However, the publication still specifies that, compared to 2022, Apple's share in the premium segment is decreasing. This would be due to the success of Huawei's Mate 60 series in China, and the good sales of Samsung's Galaxy S23 series and its folding smartphones. Otherwise, Counterpoint indicates that growth in the premium segment in 2023 was driven by China, Western Europe, India, and the Middle East and Africa region.
“In fact, China, India, MEA and Latin America are likely to see a new sales record in the high-end market, with India being the fastest growing high-end market in the world”, we can also read in Counterpoint's analysis.
A change in consumer behavior
The premium segment of the smartphone market is more resilient to macroeconomic conditions. But Varun Mishra, principal analyst at Counterpoint, also speaks of changes in consumer behavior. In summary, more and more people prefer to buy a high-end smartphone, which they can keep for longer. Besides this, there is also the fact that owning a premium smartphone is a social marker, especially in emerging countries. And premium smartphones would be increasingly accessible thanks to promotions, as well as financing options.
In any case, the global smartphone market, all categories combined, should do better in 2024. In a previous publication, Counterpoint mentioned a 5% increase in sales in October, a first after 27 months of consecutive declines. Additionally, another company, Canalys, predicts that smartphone shipments will increase by 4% in 2024.
- The smartphone market saw another decline in 2023
- On the other hand, premium models are selling well and 2023 could even be a record year
- The good news is that the situation will improve in 2024
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