Luxury Phones Surge: Nearly 1/4 of Sales

According to the latest report by Counterpoint Research, the global premium smartphone market (wholesale prices ≥ $600) is expected to achieve a 6% year-over-year growth in 2023, which is significantly higher than the expected decline of the overall global smartphone market.

It is noteworthy that the premium market is projected to account for nearly a quarter of the global smartphone sales in 2023, with its revenue share also reaching 60%. Over the past few years, the premium market has become a bright spot in an otherwise soft market.

While Apple continues to dominate the premium market, its market share has declined compared to 2022. This is primarily attributed to Huawei’s resurgence in the Chinese market with the push of its Mate 60 series, which has helped it regain market share.

Samsung has also won more market share with the help of its S23 and foldable series, with foldable phones becoming a key factor in differentiated competition in the high-end market.

In terms of regional distribution, most of the growth in the global premium market in 2023 will come from China, Western Europe, India, and the Middle East and Africa (MEA) regions. In fact, the premium market sales in regions such as China, India, the Middle East and Africa, and Latin America are expected to set new records, with India being one of the fastest-growing premium markets globally.

It’s important to note that within the premium market, the ultra-premium segment is driving growth. Models priced at $1,000 (approximately 7,100 RMB) and above accounted for more than a third of the total sales volume of the premium market in 2023. Moreover, the growth rate of the premium market may continue to surpass the overall global smartphone market.

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