As per Counterpoint Research’s Market Pulse Service data, the premium smartphone shipments in the global markets are set to witness growth by 6 percent year-on-year in 2023. The data includes smartphones with a wholesale price of more than $600. The report states that the volumes have grown 3x in 2023 compared to 2016. The growth in the premium segment contradicts the projected decline of the overall global market this year. 

Global premium smartphone segment sees record sales in 2023

The premium smartphone segment has grown in the last few years. This is said to be due to a shift in consumer buying patterns in getting a high-quality device for a longer period. Notably, India is said to be the fastest-growing premium market globally. China, Western Europe, India, and MEA regions drive the growth in this segment. The ultra-premium segment with price above $1,000 captured one-third of the total premium smartphone market sales in 2023. 

As per the data, Apple leads the premium market segment with a whopping 71 percent share but compared to last year it declined by 4 percent. South Korean brand Samsung has 17 percent share of the premium smartphone market driven by the S23 series. Huawei came in the third spot with a 5 percent share with an increase of 2 percent from last year due to the Mate 60 phones. Xiaomi and OPPO recorded 2 and 1 percent of the market share respectively. As per the research firm, foldable phones have also emerged as the differentiator in the premium market. 

Counterpoint Research notes that the premium smartphone segment is expected to continue its good run and outgrow the global smartphone market. 

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