New Delhi: India is the fastest-growing premium smartphone market globally in 2023 according to a recent report by industry tracker Counterpoint. The regions of China, India, the Middle East and Africa, and Latin America are expected to witness record-breaking sales in the premium market category.
The reason behind this growth is the ultra-premium segment, including devices priced at $1,000 and above, which accounted for more than one-third of total premium market sales in 2023.
Varun Mishra, Senior Analyst at Counterpoint, observed a change in consumer buying habits, highlighting a growing inclination towards investing in durable, high-quality smartphones. Mishra said owning the latest flagship models is now seen as a status symbol, leading to a transition from mid-price to premium ranges.
Globally, Apple maintained its dominance in the premium segment but experienced a decline in market share from 75% in 2022 to 71% in 2023. Samsung held the second position in the global premium market, increasing its market share to 17% in 2023, up from 16% the previous year due to the Galaxy S23 series and Foldable series, with foldable devices emerging as a distinguishing factor in the premium market.
Counterpoint projected a six percent year-on-year growth in global premium smartphone market sales for 2023. The premium segment is anticipated to capture approximately one-fourth of the global smartphone market sales and contribute around 60% to total revenues in 2023. The report also projected the continuous outgrowth of the premium smartphone segment compared to the global smartphone market.
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