Counterpoint: Global high-end smartphone market to grow 8% in 2024

Counterpoint: Global high-end smartphone market to grow 8% in 2024

According to Counterpoint's tracking report, the share of high-end smartphones (wholesale price of more than $600) in the global smartphone market will increase from 15% in 2020 to 25% in 2024. This growth is due to the continuous influx of new high-end smartphone buyers and the high-end trend remains strong. In 2024, the high-end market grew by 8% year-on-year, exceeding the overall growth rate of 5% in the smartphone market. Apple led with 67% market share in 2024, down from 72% a year ago, while Samsung, Huawei and Apple also increased their market share. In the high-end market, the share of ultra-premium smartphones (wholesale price of more than $1,000) exceeded 40% for the first time as consumers chose high-end models.

High-end smartphone market (over US$600) sales share, 2020-2024

Comparison of top smartphone OEMs’ market share in the high-end ($600+) segment in 2020 and 2024:

Since 2020, the premium market in India and Latin America has grown 5x and more than 2.5x, respectively, driven by a shift in consumer preferences toward premium brands. Apple and Samsung have been the brands of choice and the main beneficiaries of the premiumization trend.

As OEMs continue to streamline their product portfolios, they focus more on revenue than volume. As a result, the number of active smartphones in the premium segment increases, reaching nearly 300 SKUs in 2024, while the overall number of smartphone SKUs continues to decline. The premiumization trend is expected to continue, albeit at a slightly slower pace, as emerging markets continue to move upmarket. The premium segment in China is expected to grow further due to the inclusion of smartphones in subsidy programs.

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