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Apple (NASDAQ:AAPL) is still the leader among premium smartphones but the Tim Cook-led company lost market share in 2023, Counterpoint Research said on Tuesday. The premium segment hit a record amid a decline in the overall market.
The U.S. tech giant’s market share fell last year to 71% from 75% in 2022 for devices priced above $600, preliminary data showed. China, India, the Middle East and Africa and Latin America are expected to have set a new record for premium market sales, with India growing the fastest around the world.
The premium segment is likely to have captured nearly one-fourth of global smartphone sales and 60% of revenue in 2023, analyst Varun Mishra said.
“There has been a shift in consumer buying patterns in the smartphone market,” Mishra said. “Considering the importance a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period.”
Global smartphone shipments in 2023 were projected to have declined 5% year-over-year to reach 1.2B, the lowest level in almost a decade, Counterpoint Research said last year.
Counterpoint Research expects premium smartphone sales to continue to outgrow the whole market.
Ultra premium
Within the premium market, the ultra-premium segment — devices priced at $1,000 and higher — is driving the growth. The highest end phones represented one-third of total premium market sales in 2023, Counterpoint said.
“Owning the latest and greatest flagships has also become a status symbol for many consumers, especially in emerging markets where they are jumping directly from the mid-price band to the premium band,” Mishra said. “Further, these devices are increasingly becoming more affordable due to promotion seasons and financing options.”
Apple’s market share decline in the premium segment came amid “Huawei’s resurrection in China driven by the Mate 60 series.” Samsung (OTCPK:SSNLF) also gained share driven by its S23 and Foldable series.
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