The worldwide premium smartphone market is anticipated to develop 6% YoY in 2023 and attain a brand new file in accordance with Counterpoint Analysis’s Market Pulse. The analysis contains smartphones with a wholesale worth of a minimum of USD 600 (round Rs 50,000). India is rising to be the fastest-growing premium market worldwide.
The amount progress in 2023 is 3 times extra in comparison with that in 2016.This progress within the premium section is in distinction to the declining general international smartphone market, owing to a shift in client shopping for patterns within the smartphone business.
“There was a shift in client shopping for patterns within the smartphone market. Contemplating the significance a smartphone holds, customers are prepared to spend extra to get a high-quality machine that they’ll use for an extended interval,” stated Varun Mishra, Senior Analyst at Counterpoint Analysis.
Apple continues to guide the market section with a 71 per cent share, adopted by Samsung, Huawei, Xiaomi, OPPO, and others. Nevertheless, Apple’s market share has barely declined this yr attributable to Huawei’s resurgence in China, pushed by the Mate 60 sequence.
Samsung, in second place, accounted for 17 per cent of shipments, whereas Huawei got here in at third with a 5 per cent share. Xiaomi accounts for two per cent of shipments within the analysis, following Oppo, which has 1 per cent share. Different smartphone manufacturers constituted 4 per cent market share.
Area-wise, China, Western Europe, India, and the Center East and Africa (MEA) are driving elements for the expansion. China, India, MEA, and Latin America are anticipated to see a brand new file.
The ultra-premium section, together with smartphones priced above $1000(round Rs 80,00) is driving the expansion, capturing over one-third of the overall premium market gross sales in 2023.
“Proudly owning the most recent and best flagships has additionally grow to be a standing image for a lot of customers, particularly in rising markets the place they’re leaping straight from the mid-price band to the premium band. Additional, these gadgets are more and more changing into extra inexpensive attributable to promotion seasons and financing choices,” Mishra added.
The amount progress in 2023 is 3 times extra in comparison with that in 2016.This progress within the premium section is in distinction to the declining general international smartphone market, owing to a shift in client shopping for patterns within the smartphone business.
“There was a shift in client shopping for patterns within the smartphone market. Contemplating the significance a smartphone holds, customers are prepared to spend extra to get a high-quality machine that they’ll use for an extended interval,” stated Varun Mishra, Senior Analyst at Counterpoint Analysis.
Apple continues to guide the market section with a 71 per cent share, adopted by Samsung, Huawei, Xiaomi, OPPO, and others. Nevertheless, Apple’s market share has barely declined this yr attributable to Huawei’s resurgence in China, pushed by the Mate 60 sequence.
Samsung, in second place, accounted for 17 per cent of shipments, whereas Huawei got here in at third with a 5 per cent share. Xiaomi accounts for two per cent of shipments within the analysis, following Oppo, which has 1 per cent share. Different smartphone manufacturers constituted 4 per cent market share.
Area-wise, China, Western Europe, India, and the Center East and Africa (MEA) are driving elements for the expansion. China, India, MEA, and Latin America are anticipated to see a brand new file.
The ultra-premium section, together with smartphones priced above $1000(round Rs 80,00) is driving the expansion, capturing over one-third of the overall premium market gross sales in 2023.
“Proudly owning the most recent and best flagships has additionally grow to be a standing image for a lot of customers, particularly in rising markets the place they’re leaping straight from the mid-price band to the premium band. Additional, these gadgets are more and more changing into extra inexpensive attributable to promotion seasons and financing choices,” Mishra added.
