According to new data from Counterpoint Research, 25% of the smartphones which were shipped in 2024 had average wholesale price of $600 or more and this shows that the smartphone market is doing well right now. People are also willing to buy expensive smartphones, no matter their price, with the market share of premium smartphones rising from 15% in 2020 to 25% in 2024. The smartphones which are leading the premium segment devices are of Apples, with the market share of 67%. The second highest share of the premium segment in the smartphone market is Samsung, followed by Huawei, Xiaomi and Google.
The market share of the ultra-premium segment (with average wholesale price of more than $1,000) also increased 40% because people are also slowly wanting to buy extra premium smartphones. Apple is also the top smartphone brand in the ultra-premium segment with the average selling price of more than $900. Some reports also noted that device makers are now prioritizing revenue on volume as the premium segment saw an 8% YoY growth. This growth is higher than the overall smartphone market, which was just 5% YoY.
Most of the premium segment smartphones were well received in the US with 25% of the market share, followed by 24% from China. The largest smartphone market by volume is India and there has been a five times increase in its volume since 2020. Most of the customers in India cannot afford premium smartphones, but some policies and trade-in offers make it easier for them to buy expensive smartphones.
As customers for premium smartphones are growing, their demand will continue to rise because of advantages like better displays, processors, high-quality cameras and AI features. To justify high prices of premium smartphones, device makers are also offering future-proof hardware and multi-year software support in those smartphones.
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The market share of the ultra-premium segment (with average wholesale price of more than $1,000) also increased 40% because people are also slowly wanting to buy extra premium smartphones. Apple is also the top smartphone brand in the ultra-premium segment with the average selling price of more than $900. Some reports also noted that device makers are now prioritizing revenue on volume as the premium segment saw an 8% YoY growth. This growth is higher than the overall smartphone market, which was just 5% YoY.
Most of the premium segment smartphones were well received in the US with 25% of the market share, followed by 24% from China. The largest smartphone market by volume is India and there has been a five times increase in its volume since 2020. Most of the customers in India cannot afford premium smartphones, but some policies and trade-in offers make it easier for them to buy expensive smartphones.
As customers for premium smartphones are growing, their demand will continue to rise because of advantages like better displays, processors, high-quality cameras and AI features. To justify high prices of premium smartphones, device makers are also offering future-proof hardware and multi-year software support in those smartphones.
Read next:
• LinkedIn Surpasses X, Instagram, and Facebook, Securing the Highest Revenue Among Social Media Platforms Globally
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