Luxury Phones Rise Up: 24% of 2023 Sales Dominated by High-End Smartphones

According to statistics from market research firm Counterpoint Research, high-end smartphones with a wholesale price above $600 (approximately retailing over $800) are expected to account for 24% of all smartphone sales in 2023. This marks a significant increase from the 6% share in 2016, with an anticipated growth of 6% compared to 2022.

The iPhone continues to dominate the high-end smartphone segment, yet its market share is gradually being encroached upon by Samsung, Huawei, and Xiaomi, as more consumers show a preference for premium smartphones.

The rising share of high-end smartphones in recent years is attributed not only to the market transition from 4G to 5G network technology, which has encouraged people to upgrade to 5G-enabled premium smartphones but also to factors such as the pandemic and war. These events have prompted an increasing number of people to opt for high-end smartphones that offer prolonged usability. Furthermore, in emerging markets, the use of high-end smartphones as a symbol of personal status is becoming more prevalent.

Moreover, the market is witnessing a diversification in sales strategies and promotional activities, making high-end smartphones more appealing to consumers. Additionally, many mobile phone manufacturers are shifting their focus from entry-level and mid-range models to prioritize the development and sales of high-end devices, thereby contributing to the increased market share of premium smartphones.

In the high-end smartphone market, Apple’s iPhone remains a dominant player. However, its market share has slightly decreased from 75% in 2022 to 71% in 2023, with Samsung, Huawei, and Xiaomi capturing a portion of this share. Samsung’s sales have benefitted from the increased demand for its Galaxy Z series of foldable screen phones. Huawei has seen a resurgence in its high-end models, while Xiaomi continues to erode Apple’s market share with its increasingly sophisticated smartphone designs.