Tuesday, 18 June 2024
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India’s premium smartphone industry developed at the quickest rate

  • China, India, the Middle East and Africa, and Latin America are expected to set new records for premium market sales.
  • Apple’s market share fell from 75% in 2022 to 71% in 2023.
  • Samsung keeps its second-place position in the market, growing its share to 17% in 2023.

According to industry tracker Counterpoint, in its research on the global premium smartphone market in 2023, China, India, the Middle East and Africa, and Latin America are expected to set new records for premium market sales, with India emerging as the fastest-growing premium market worldwide.

The $1,000 and above price category will account for more than one-third of the premium market’s sales in 2023, according to the research, and this sector is what is fueling the increase.

Smartphone industry

With consumers willing to pay extra for high-end smartphones and status symbols, the sector has witnessed a change in consumer purchasing habits. Because of marketing seasons and financing alternatives, the premium category is becoming more accessible in emerging nations.

With the help of Huawei’s comeback in China with its Mate 60 series smartphones, Apple’s market share fell from 75% in 2022 to 71% in 2023.Driven by its Foldable and Galaxy S23 series,Samsung keeps its second-place position in the market, growing its share to 17% in 2023.

The ultra-premium segment accounts for more than one-third of the overall sales of premium smartphones, and the global premium smartphone industry is predicted to rise by 6% annually in 2023. It is anticipated that the premium smartphone industry will continue to grow faster than the overall smartphone market.

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