India fastest growing premium smartphone market globally in 2023: Report

Globally, Apple continued to be the market leader in premium segment, which is likely to capture close to one-fourth of the global smartphone market sales in 2023 - according to Counterpoint report

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China, India, Middle East and Africa regions, and Latin America are likely to see a new record for premium market sales, with India being the fastest-growing premium market globally, noted the industry tracker Counterpoint in its report on global premium smartphone market in 2023. According to the report, it is the ultra-premium segment that is driving the growth – $1,000 and above price segment has captured over one-third of the total premium market sales in 2023.

“There has been a shift in consumer buying patterns in the smartphone market. Considering the importance a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period.  Owning the latest and greatest flagships has also become a status symbol for many consumers, especially in emerging markets where they are jumping directly from the mid-price band to the premium band. Further, these devices are increasingly becoming more affordable due to promotion seasons and financing options,” said Varun Mishra, Senior Analyst, Counterpoint.

Globally, Apple continued to dominate the premium segment in 2023, but its market share has dropped from 75 per cent in 2022 to 71 per cent in 2023. Counterpoint said the decline in Apple’s market share has been driven by Huawei’s resurgence in China with its Mate 60 series smartphones.

Source: Counterpoint

Samsung maintained its position in the global premium market at number two position as it expanded market share to 17 per cent in 2023, compared to 16 per cent in previous year, driven by its Galaxy S23 series and Foldable series. According to the report, foldables have emerged as a differentiator in the premium market.

Counterpoint said the global premium smartphone market’s sales are likely to grow by six per cent year-on-year in 2023. The premium segment smartphones are expected to capture about one-fourth of the global smartphone market sales and around 60 per cent of total revenues in 2023. Within the premium smartphone market, the ultra-premium segment ($1,000 and above) has over one-third of the total premium market sales in 2023.

The report added that the premium smartphone segment is projected to continue to outgrow the global smartphone market.