Did you know Apple’s Share of Premium Smartphone Market Diminished in 2023
Apple has been the foremost manufacturer and seller of premium
smartphone for quite some time now. The multi-trillion dollar tech
juggernaut ended 2023 with yet another win, retaining 71% of the market
share. In spite of the fact that this is the case, this was a four point
decrease from the 75% it held last year with all things having been
considered and taken into account.
This seems to suggest that
Apple’s previously insurmountable dominance in this arena appears to be
fading somewhat. The culprit? Foldable smartphones.
With all of
that having been said and now out of the way, it is important to note
that Samsung’s share increased to 17% from 16%, Huawei saw an increase
from 3% to 5% and Mi doubled its market share to reach 2% in the same
period. Galaxy’s flip phones have been giving Apple some stiff
competition, but Huawei’s growth may be the result of its Mate 60
Series.
This new line of smartphones has breathed new life into the struggling
company. This development is pertinent because of the fact that this is
the sort of thing that could potentially end up decreasing Apple’s
prominence and giving Huawei more firepower down the line.
Premium
smartphones have proven to be uniquely resilient to market pressures.
They’ve seen a 6% uptick year over year in 2023, all while other types
of smartphones didn’t see all that much of an increase.
Analysts
are theorizing that consumers are willing to spend the big bucks on
smartphones due to how necessary they tend to be. High end devices last
longer than midrange ones, thereby making them a more long term purchase
than might have been the case otherwise. There’s also something to be
said of the status symbol that smartphones represent. Consumers are
looking to splurge in a display of conspicuous consumption, and this is
raising the premium smartphone industry to unprecedented heights.
Interestingly, much of this growth is coming from Asia. Based on data provided by Counterpoint, India is the single fastest growing market for smartphones in the world. China is also an immense driver of growth, and Huawei’s win in the region may very well end up putting Apple’s dominance in jeopardy in the near to distant future if the current trends persist.
Image: CPR m