Global Market Share of Premium Smartphones Reaches 25% in 2024
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Synopsis
In 2024, premium smartphones captured a 25% share of the global market, significantly up from 15% in 2020. This growth is attributed to an increasing consumer preference for high-end devices, with Apple's market share at 67%. The premium segment is expanding, especially in emerging markets.
Key Takeaways
- Premium smartphones now hold a 25% global market share.
- Ultra-premium models (>$1,000) account for over 40% of sales.
- Apple leads with a 67% market share, though it's a decline from last year.
- Emerging markets like India and Latin America are seeing rapid growth.
- Nearly 300 premium models are available in 2024.
New Delhi, Feb 17 (NationPress) The share of premium smartphones in the global market has risen to 25 percent in 2024, an increase from 15 percent in 2020, as a growing number of consumers choose high-end devices, according to a recent report released on Monday.
The trend towards premiumisation is robust, with the premium segment increasing by 8 percent year-on-year (YoY), surpassing the overall smartphone market's growth of 5 percent, as per Counterpoint Research’s ‘Global Handset Model Sales Tracker’.
Within this segment, ultra-premium smartphones—those priced over $1,000—now represent more than 40 percent of premium smartphone sales for the first time.
“The premium segment continues to expand as consumers seek high-end features such as superior processors, cameras, displays, and GenAI capabilities for an enhanced user experience,” stated Karn Chauhan, Senior Research Analyst at Counterpoint Research.
He further noted that extended software support and future-proof hardware have contributed to the longevity of these devices, providing justification for their elevated prices.
“With existing premium smartphone users likely to remain in this price range and new users entering the market, the segment is poised for sustained growth,” Chauhan added.
Since 2020, the premium smartphone category has seen significant growth in emerging markets, with a more than 5x increase in India and a 2.5x increase in Latin America.
This growth is fueled by evolving consumer preferences for top brands, along with more accessible financing options and trade-in programs.
Apple has emerged as the primary beneficiary of this trend, boasting a 67 percent market share in 2024, although this is a drop from 72 percent the previous year, as competitors like Samsung, Huawei, and Xiaomi gained market share.
Samsung claimed an 18 percent share while strengthening its foothold in the premium category.
Smartphone manufacturers are increasingly focusing on profitability rather than just sales volume, resulting in a greater array of premium smartphone models available.
In 2024, nearly 300 premium smartphone models were on the market, although the total number of smartphone stock keeping units (SKUs)—a vital aspect for managing merchandise in retail and e-commerce—continued to decline.
The United States maintained its status as the largest premium smartphone market in 2024, accounting for 25 percent of worldwide sales, as noted in the report.
