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In brief: End-of-year numbers are still being finalized but based on early estimates, it appears as if the premium smartphone segment (those with a wholesale price of at least $600) had a record-setting 2023. Apple remains on top by far with 71% market share, followed by Samsung with 17% globally.
Market research firm Counterpoint said global premium sales in 2023 likely grew six percent year over year, a record for the segment and in contrast to the projected decline of the overall phone market.
Should the projection prove accurate, it means that nearly one in four smartphones sold globally in 2023 (24 percent) fell into the premium category. That is up from a 21 percent share in 2022 and 19 percent the year before. What’s more, a full 60 percent of market revenues come from premium device sales.
Counterpoint senior analyst Varun Mishra noted that the shift in consumer smartphone buying patterns directly correlates to the increased importance these devices hold in our daily lives. As such, people are willing to spend more for a higher quality device that can be used for a longer period of time.
For others, owning a cutting-edge smartphone has become a status symbol. This is especially true in emerging markets where waves of consumers are transitioning from mid-range phones to premium handsets, often thanks to favorable financing options and seasonal promotions.
Arguably even more interesting is the brand breakdown. Apple maintained its lead in the premium segment in 2023 despite its share falling from 75 percent in 2022 to 71 percent last year.
Samsung gained one percentage point during the same span to reach 17 percent thanks to strong sales of its traditional Galaxy S23 and its two best-selling foldables, the Galaxy S Flip 5, and the Galaxy Z Fold 5. According to Display Supply Chain Consultants (DSCC), Samsung’s two foldables captured 45 percent and 24 percent market share in Q3, respectively.
Huawei increased its share by two percent to finish at five percent. Huawei had a strong showing in China driven by the Mate 60 series, Counterpoint said.
Image credit: Amanz
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