A new report from Counterpoint has revealed that despite the declining smartphone market, premium mobile devices are at the peak of the market structure.
Premium device shipments (with a wholesale value of $600 or more) rose by 1% in 2022, an increase from the previous year which captured 55% of all smartphone revenue – a significant increase, considering that the smartphone market had recorded a loss of 11% in 2022 from 2021.
According to the report, Apple was the leading smartphone as the company had a mammoth 75% market share in the premium segment, a 6% increase from last year. The report further revealed that Apple’s success would have increased, except for the supply constraints for its iPhone 14 Pro and Pro Max.]
Also, Apple benefited from Huawei’s decline in China. However, Honor - a product from Huawei registered notable growth from its magic series in China. The brand is said to have a global reach and prospects this year as it recently launched its flagship devices including a foldable phone at the Mobile World Congress (MWC) held in Barcelona.
With Honor and Google sharing the premium smartphone segment, which doubled in 2022 from 2021, they can only account for 1% of the pie as they are still small players in the market.
Other companies like Samsung and Xiaomi recorded a decline in their market share by 5% and 44%, respectively. However, the research firm said that the foldable smartphone category, which will supposedly grow by 52% this year, remains a bright spot for Samsung.