Apple Continues To Dominate In Global Premium Smartphone Market: Report

Tech giant Apple maintained its top position in the smartphone industry’s premium segment in 2023. As per the latest industry report released by Counterpoint Research, Apple remained the “undisputed leader” last year with a dominant 71 percent share in the premium smartphone market.

At the same time, Apple”s share witnessed a decline this year as compared to 2022. As per the report, Huawei’s comeback in China, driven by the Mate 60 series, is the main reason for Apple”s decline. Notably, Apple had a market share of 75 percent in 2022 in the high-end smartphone segment. South Korean giant Samsung maintained the second spot in the premium segment with a share of 17 percent. Samsung made an improvement in growth compared to 16 percent in the previous year. The Galaxy S23 lineup and latest Foldable series boosted Samsung”s market share.

As per the data, Huawei is in the third position with a market share of five percent. The brand had only a three percent share in the premium smartphone market in 2022. Xiaomi and Oppo are in the fourth and fifth positions with 2 percent and 1 percent share, respectively. Counterpoint Research also mentioned in their report that much of the global premium market’s growth in 2023 was fueled by India, China, Western Europe, and the Middle East and Africa (MEA) regions. The report also noted that India, China, the Middle East and Africa regions, and Latin America are expected to witness a new record for premium market sales, with India being the fastest-growing premium market globally.

Senior Analyst Varun Mishra said in the report that there has been a shift in consumer buying patterns in the smartphone market. Varun Mishra also added that consumers are willing to spend more to get a high-quality device that they can use for the long term. “Further, these devices are increasingly becoming more affordable due to promotion seasons and financing options,” said Varun Mishra.