No one has money for an expensive cell phone? are you kidding me The top price range continues to be very successful.
According to a new Von Counterpoint Research Analysis The global premium smartphone market is expected to grow 6 percent annually in 2023 and achieve record sales of nearly 250 million devices. The term “premium” includes devices priced at $600 or more
This means that the premium sector could account for nearly a quarter of global smartphone sales and 60 percent of sales. In recent years, the premium segment has established itself as a growth market in an otherwise weak smartphone market.
Apple is the sole leader in the premium sector with an expected market share of 71 percent. However, the iPhone group has fallen back slightly since 2022 (75 percent).
This is largely due to Huawei’s revival in China with the Mate 60 series. There is also Samsung S23- And the foldable series gained market share.
Consumer buying behavior has changed in the smartphone market. Considering the importance of a smartphone, consumers are willing to spend more money on a high-quality device that they can use for a long time. Owning the latest and greatest flagship has become a status symbol for many consumers, especially in emerging markets where they go straight from mid-range to premium. Additionally, these devices are becoming increasingly affordable due to promotional periods and financing options.
Leitner analyst Varun Mishra, Counterpoint Research
Regionally, the premium market growth in 2023 will be mainly driven by China, Western Europe, India and Middle East/Africa. China, India, Middle East/Africa and Latin America are forecast to achieve new premium sales records, with India expected to be the fastest growing premium market globally.
Within the premium segment, the ultra-premium segment (devices starting at $1,000) is driving growth. This area is expected to account for more than a third of premium smartphone sales in 2023.
Overall, the premium segment is likely to grow faster than the overall smartphone market. Brands that can differentiate themselves and strengthen their brands will benefit from this growth, analysts say.
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