The smartphone market continues to decline, but the high-end ones are selling more

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While global smartphone sales are set to decline by 2% in 2023, the mobile phone market segment high-end (with a retail price of at least $600), however, scored a 6% growth, reaching a value of 115 billion dollars. According to data from Counterpoint research, the market share of “premium” smartphones has more than tripled since 2016from 6% to 24%. Within the premium market, the Counterpoint segment continues ultra premium drive growth. Devices priced at $1,000 or more captured more than a third of total premium sales in the market in 2023.

There are two giants in this sector that continue to hold sway over the global market. Apple is number one with market share 48%and also thanks to the success of the new iPhone models. E Samsung, which is in second placeoccupying a 29% market share thanks to its wide range of premium devices, including devices from Galaxy S, Galaxy Z. However, it should be noted that the Cupertino company, considered the undisputed leader in the premium market segment, has reduced its market share in 2023 compared to 2022. The revival of Huawei in Chinaled Mate 60 series and to rise Samsung which also gained market share thanks to it to the S23 series and various folding ones.

In the past year, several other manufacturers have seen growth in this sector: more than any other China’s Oppo, Vivo and Honor. Oppo saw growth of 35%, driven by the success of the Find X5 series; Vivo saw a 30% increase thanks to the popularity of the X80 e series Honor saw 100% growthleading the Magic4 series.

Crescent demand for smartphones equipped with advanced features is one of the main engines of this growth. According to Counterpoint research, consumers are increasingly interested in devices with high-resolution displays, better cameras and 5G technology. folding device. This trend reflects a change in consumer buying patterns in the smartphone market. Counterpoint research principal analyst Varun Mishra commented on the growth of the premium market: “Considering the importance that the smartphone is gaining today, consumers are willing to spend more to get a high-quality device that they can use for a longer period of time. Owning the latest and greatest has also become one a status symbol for many consumers, especially in emerging markets where they are moving to produce more and more from the mid to premium price range. Furthermore, these devices are becoming more and more affordable thanks to promotional season and financing options“.

In emerging marketsactually, income growth Available demand for premium smartphones, the study concludes, expanding the range of users interested in high-end products. In addition, another key catalyst for this growth is increased competition among major smartphone manufacturers. The companies invest intensively in new products and technologiespushes the boundaries of innovation to attract consumers.

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