The global premium smartphone market, featuring devices with a wholesale price of $600 or more, is projected to grow by six percent in 2023, setting a new sales record, as per Counterpoint Research’s Market Pulse Service.
This growth is in contrast to the decline expected in the overall global smartphone market last year. The premium segment is anticipated to account for nearly one-fourth of global smartphone market sales and contribute to 60 percent of the revenues in 2023, standing out as a notable growth area in an otherwise weak market.
Counterpoint Research’s Senior Analyst, Varun Mishra, explained that there has been a shift in consumer buying patterns, with users willing to spend more on high-quality devices that offer extended usage. This shift has contributed to the growth of the premium smartphone segment.As of the third quarter of 2023, Apple secured a dominant 43 percent market share of global smartphone revenues.