In a new analysis, Counterpoint Research expects the global premium smartphone market (devices priced USD 600 and above) to grow by 6% year-over-year (YoY) in 2023 and set record sales. In other words, the research firm expects the sales of premium phones in 2023 to be 6% higher than that in 2022. That means the sales of premium smartphones globally are expected to grow despite the sales of smartphones globally going down.
According to Counterpoint Research, Apple will continue to be the leader of the premium smartphone market with a market share of 71%. However, its share will decline in 2023 compared to the last year when it had a 75% market share. Samsung will stand in the second position with a 17% market share, up from 16% last year. Huawei, Xiaomi, and Oppo will be in third, fourth, and fifth positions respectively with 5%, 2%, and 1% market share.
India to emerge as the fastest-growing premium smartphone market
Counterpoint Research says that China, Western Europe, India, and the Middle East and Africa (MEA) regions are driving the growth with India being the fastest-growing premium smartphone market globally. Furthermore, the research firm expects China, India, MEA, and Latin America to set a new record for the premium smartphone market in 2023.
The analysis reveals that within the premium smartphone segment, the ultra-premium smartphone segment (devices priced USD 1,000 and above) is driving the growth. That means more and more people are opting for the top-end model in a flagship smartphone lineup, such as the Samsung Galaxy S23 Ultra or the Apple iPhone 15 Pro Max. Considering these things, now is the right time for brands to launch more premium phones.
