The Growth of the Premium Phone Market-India
Premium Phone Market- The global premium smartphone market is projected to experience a 6% year-over-year expansion in 2023, setting a new record, as indicated by Counterpoint Research’s Market Pulse. This growth is notably driven by India, which is swiftly emerging as the fastest-growing premium market worldwide.
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Shift in Consumer Trends
The surge in the premium segment stands in contrast to the overall decline in the global smartphone market, reflecting a shift in consumer purchasing patterns within the industry. Consumers are increasingly willing to invest in high-quality devices with a longer lifespan, resulting in an unprecedented volume growth that is three times greater than that of 2016.
Leading Players and Market Dynamics
Apple continues to dominate the premium market segment, capturing a 71% share, closely trailed by Samsung, Huawei, Xiaomi, OPPO, and others. Despite Apple’s continued leadership, its market share has marginally decreased, primarily due to Huawei’s resurgence in China driven by the Mate 60 series. Samsung and Huawei secured the second and third positions with 17% and 5% shares, respectively.
Regional Influences
Key global regions such as China, Western Europe, India, and the Middle East and Africa (MEA) are pivotal drivers of this growth, with expectations of achieving new records in market performance. Notably, the ultra-premium segment, encompassing smartphones priced above $1000, is a significant growth driver, capturing over one-third of the total premium market sales in 2023.
These findings underscore a notable shift in consumer behaviors and market dynamics, signaling a promising trajectory for the premium phone market.
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