Written by Moanis Hawass Friday, January 05, 2024 12:06 PM
A recent report revealed that Apple continues to lead the global premium smartphone market, as the global premium smartphone includes devices with a wholesale price of $600 or more, and according to CounterPoint Research, “Apple remains the undisputed leader in the premium market.” The company continues to maintain a 71% market share, while the second company on the list is Samsung with a 17% market share.
But compared to 2022, Apple’s share declined this year, and it is said that there are two main factors behind this decline in its market share: first, due to Huawei’s return to China driven by the Mate 60 series of phones, and second, Samsung also gained share driven by the S23 and Foldable series.
What could hurt Apple in 2024?
China remains a bit of a challenge for Apple given tensions between China and the US, several Chinese state governments have banned their officials from using iPhones as official phones, and secondly, foldable devices have reportedly emerged as a differentiator in the premium market. Here again, why is there no sign of Apple launching foldable phones in 2024 as well, as all other competitors have joined the foldable device race.
Changing trends in the smartphone market
Commenting on the growth of the premium market, Varun Mishra, Senior Analyst, said: “There has been a shift in consumer purchasing patterns in the smartphone market, and given the importance that a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period.” .
Owning the latest and greatest flagship phones has also become a status symbol for many consumers, especially in emerging markets, as they move straight from the mid-price range to the premium range. Moreover, these devices are becoming increasingly affordable due to promotional seasons and financing options.
In the premium market, the premium segment is driving growth, and the $1,000 and above price segment accounted for more than a third of the total premium market sales in 2023. Overall, the premium segment is likely to continue to outperform the smartphone market. Globalism. OEMs that can differentiate themselves and, more importantly, build a strong brand, will benefit from the growth of this sector.
