New Delhi, Jan 2 (IANS): The global premium smartphone market has witnessed record sales in 2023 with Apple leading the market, a new report said on Tuesday.

According to Counterpoint Research, the global premium smartphone (wholesale price =$600) market’s sales are likely to grow 6 per cent (year-on-year) in 2023 to hit a new record.

The premium segment is likely to capture close to one-fourth of global smartphone market sales and 60 per cent of revenues in 2023.

Over the last few years, the premium segment has emerged as a growth area in the otherwise weak market.

"There has been a shift in consumer buying patterns in the smartphone market. Considering the importance a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period," said Senior Analyst Varun Mishra.

While Apple continues to be the premium market’s undisputed leader, the report noted that its share has declined in 2023 when compared to 2022. This is mainly due to Huawei’s resurrection in China driven by the Mate 60 series.

Samsung has also gained share driven by its S23 and Foldable series. Foldables have also emerged as a differentiator in the premium market.

In terms of regions, China, Western Europe, India, and the Middle East and Africa (MEA) accounted for the majority of global premium market growth in 2023.

In fact, China, India, MEA and Latin America are likely to see a new record for premium market sales, with India being the fastest-growing premium market globally, according to the report.

As per analysts, the premium segment is likely to continue to outgrow the global smartphone market. OEMs that can differentiate themselves and, more importantly, build a strong brand will benefit from this segment’s growth.