Apple is the dominant brand in the premium smartphone market

Last year, Apple lost some iPhone sales, thanks to growing competition from Samsung and resurgent competition from Huawei. However, a new report today shows that Apple remains by far the most dominant brand in the premium smartphone market.

Apple is the dominant brand in the premium smartphone market

The market intelligence report also shows that more consumers than ever are willing to spend money on a high-end smartphone!

The premium smartphone market continues to grow

The latest report from Counterpoint Research says that almost a quarter of all global smartphone purchases last year were premium devices. These are defined as phones worth more than around 800 euros.

Global premium smartphone market sales are expected to grow 6% year-on-year to reach a new record. This is according to Counterpoint Research’s Market Pulse Service. This information contrasts with the projected decline for the global smartphone market this year.

The premium segment is expected to capture about a quarter of global smartphone market sales and 60% of revenues by 2023. In recent years, the premium segment has emerged as an area of ​​growth in an otherwise weak market.

Counterpoint data indicates that this segment has grown from just 6% of the global market in 2016 to 21% in 2022.

Your 2023 data represents the final values ​​for the first three quarters of the year and estimated sales in the last quarter.

The biggest shift over this period has been in emerging markets, where low-cost mobile phones have traditionally dominated. Promotions and financing contributed to this.

Meanwhile, there has been a change in consumer purchasing patterns in the smartphone market. Given how important a smartphone is, consumers are willing to spend more to get a high-quality device that they can use for longer. Owning the latest and greatest flagships has also become a status symbol for many consumers, especially in emerging markets. Additionally, these devices are becoming increasingly affordable due to promotional seasons and financing options.

Some lost sales for Samsung and Huawei

Apple’s global market share in the premium smartphone market last year declined from 75% to 71%, with corresponding gains from Samsung and Huawei.

Meanwhile Samsung’s gains were attributed to the growing appeal of foldable phones. So it is a market that Apple has not yet entered.

Apple isn’t expected to launch a foldable iPhone until 2025, at best, probably after a foldable iPad.