The global premium smartphone market, defined as devices with a wholesale price of $600 or more, is expected to see sales grow 6% YoY in 2023 to a new record high according to a report from Counterpoint Research. This contrasts with the decline forecasted for overall global smartphone sales last year.
Counterpoint predicts premium devices will account for close to one-fourth of total global smartphone sales in 2023. The premium segment has emerged as an area of growth even as the broader smartphone market weakens.
Apple remains the undisputed market leader in the premium space, though its share declined slightly in 2023 largely due to the resurgence of Huawei in China driven by its Mate 60 series. Samsung also gained share on the back of its S23 and foldable series. Foldable phones have become a key differentiator among premium devices.
The market saw robust expansion in 2023 in China, Western Europe, India, and the Middle East and Africa (MEA) region. India as being the fastest growing premium smartphone market globally.
Ultra premium phones priced at $1,000 and up accounted for over one-third of total premium device sales last year. The higher price tiers continue to drive overall segment growth. Analysts expect the premium market to keep outpacing the broader smartphone industry. Brands that can differentiate on design and build strong brand recognition stand to benefit most from this trend.
