According to a report by Counterpoint Research, Apple led the high-end smartphone market in 2013, with a market share four times that of Samsung and 14 times that of Huawei,
The premium smartphone market alone, with a price tag of over $600, is expected to grow by 6% in the fourth quarter of 2023. Although Apple (71%) saw its market share shrink compared to 2022 (75%), it is still the market leader in this segment, with sales four times that of second-place Samsung (17%).
Premium smartphone sales in 2022 and 2023. (Graphic: Counterpoint Research)
Samsung managed to close the gap from last year (16%) thanks to good sales of the Galaxy S23 and foldable phones. Huawei (5%) came in third, growing well from last year (3%) with the Mate 60 series selling well in China.
Varun Mishra, a market analyst at Counterpoint Research, said consumers are willing to pay more for high-quality devices that last longer. The premium segment accounted for 60% of total market revenue last year, and is growing in emerging markets.
In addition, owning the latest and greatest high-end phones has become a status symbol for many consumers, especially in emerging markets where the market is moving straight from the mid-range to the premium segment. Furthermore, these devices are becoming more and more affordable.
The expansion of the premium smartphone market share was contributed by the markets of China, Western Europe, India, Central Asia and West Asia. Experts at Counterpoint Research said that China, India and Latin America are likely to set new records in premium phone sales.
Apple's growth is partly due to its ultra-premium phone models priced above $1,000. This is also a segment that is considered a trend and will grow the fastest in the smartphone market in the near future.
Counterpoint Research forecasts that the premium smartphone segment will likely continue to grow at a faster pace through 2024. Smartphone makers will still have room to differentiate themselves and, more importantly, build strong brands if they want to benefit from the growth of this segment.
Tra Khanh (Source: Counterpoint Research)
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