2024-01-03 14:02:01
Technology: While the smartphone market was expected to decline last year, the market for high-end devices (wholesale prices above $600) actually grew.
While the smartphone market was expected to decline last year, the market for high-end devices (wholesale prices above $600) actually grew.
According to market research firm Counterpoint Research, the global premium smartphone market set a new record last year. Premium market sales grew 6% year-over-year in 2023. This segment represents regarding a quarter of device sales, and 60% of revenue.
Within the high-end market, it is the ultra-premium segment that is driving growth. The price bracket above $1,000 accounted for more than a third of all high-end sales last year.
Huawei explosion in China
Apple is the dominant player in the high-end smartphone market. However, its share is down slightly compared to 2022. This can be explained by the explosion of Huawei’s sales on the Chinese market with its Mate 60 series.
The fact remains that in 2023, Apple held 71% of the high-end phone market. Samsung was second with 17% and Huawei fifth with 5%.
“Customers are willing to spend more for high-quality devices that will last longer, and owning the best high-end smartphone has become a status symbol,” explains the analyst. “This is particularly true in emerging markets, where the high-end segment is moving from the low end to the mid-range.”
Very strong growth in India
By region, China, Western Europe, India, and the Middle East and Africa (MEA) region were the key drivers of premium market growth last year.
And for 2024, China, India, MEA and Latin America are likely to set new sales records in the high-end market. India is the fastest growing premium market globally.
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