India emerging to be the fastest growing premium phone market in the world

The global premium smartphone market, as projected by Counterpoint Research, is set to grow by 6% YoY in 2023, reaching a new record. This growth is driven by the emerging market in India, with volume growth three times higher than in 2016. Consumer buying patterns in the smartphone industry have shifted, with consumers willing to spend more on high quality devices that last longer.

Apple remains the market leader with a 71% share, followed by Samsung, HUAWEI, Xiaomi, and OPPO. The growth is primarily fueled by China, Western Europe, India, and the MEA region. Representative Image The global premium smartphone market is expected to grow 6% YoY in 2023 and reach a new record according to Counterpoint Research’s Market Pulse.

The research includes smartphones with a wholesale price of at least USD 600 (around Rs 50,000). India is emerging to be the fastest growing premium market worldwide. The volume growth in 2023 is three times more compared to that in 2016. This growth in the premium segment is in contrast to the declining overall global smartphone market, owing to a shift in consumer buying patterns in the smartphone industry.

“There has been a shift in consumer buying patterns in the smartphone market. 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,” said Varun Mishra, Senior Analyst at Counterpoint Research. Apple continues to lead the market segment with a 71 per cent share, followed by Samsung , Huawei , Xiaomi , OPPO , and others.

However, Apple's market share has slightly declined this year due to Huawei’s resurgence in China, driven by the Mate 60 series. Samsung, in second position, accounted for 17 per cent of shipments, while Huawei came in at third with a 5 per cent share. Xiaomi accounts for 2 per cent of shipments in the research, following Oppo, which has 1 per cent share.

Other smartphone brands constituted 4 per cent market share. Region wise, China, Western Europe, India, and the Middle East and Africa (MEA) are driving factors for the growth. China, India, MEA, and Latin America are expected to see a new record. The ultra premium segment, including smartphones priced above $1000(around Rs 80,00) is driving the growth, capturing over one third of the total premium market sales in 2023.

“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. Further, these devices are increasingly becoming more affordable due to promotion seasons and financing options,” Mishra added.

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