According to the latest report from Counterpoint Research, the sales of high-end smartphones (wholesale price ≥ $600) in 2023 have seen a record-breaking 6% year-on-year growth.
The data shows that Apple continues to dominate the high-end market with over 70% market share, followed by Samsung with 17%, and Huawei making a strong comeback with 5% market share, ranking third.
While Apple remains the indisputable leader in the high-end market, the release of Huawei Mate 60 series has led to a slight decline in Apple’s market share this year.
Samsung, with the Galaxy S23 and its foldable series, has gained more market share and ranked second in the global high-end smartphone market sales for 2023. This suggests that foldable phones have become a differentiating product in the high-end market.
According to the report, the majority of the growth in the global high-end market for 2023 is driven by China, Western Europe, India, and the Middle East and Africa (MEA) regions.
The report also suggests that sales in the high-end markets of China, India, the Middle East and Africa, as well as Latin America, are expected to hit new records. Among them, India is the fastest-growing high-end market globally.
It is worth noting that within the high-end market, the growth in sales is mainly driven by the ultra-premium segment. In 2023, phones priced at $1000 and above accounted for more than one-third of the total sales in the high-end market.
Furthermore, senior analyst Varun Mishra commented on the growth of the high-end market, stating that there has been a shift in consumer buying patterns in the smartphone market.
He admitted that consumers are willing to spend more money on smartphones to obtain high-quality devices that can be used for a longer duration.