Quick hits: February 2024

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The smartphone market is declining, but premium models are driving the recovery If the global smartphone market continues to experience difficult quarters, the segment referring to ‘premium’ models, with a cost above $600, is recording substantial growth.

This is stated in the latest report from Counterpoint Research analysts, according to which the top-of-the-range smartphone sector recorded a +6% in 2023 on an annual projection. At the top of the list is Apple. These are numbers that will have to be consolidated over the month of January but which, according to analysts, could even be higher.

In the Counterpoint Research report, we read how sales in the global top smartphone market have reached a new 12-month record, taking the last eight years into consideration. In 2016, the share referring to premium mobile phones was 6% of the total. At the end of 2023, the share reached 24%.

Analysts state that there has been a change in consumer purchasing patterns in the smartphone market. Considering the importance of such a device, buyers are willing to spend more to get a high-quality phone that they can use for a longer period. In terms of brands, Apple holds the bulk of premium smartphone sales. In fact, iPhones conquer 71% of the sector market, leaving rivals far behind. Huawei, with a solid presence in China and the eastern markets, has 5% while Samsung has 4%. The Korean company could earn something over the next few weeks, given the launch scheduled for January 17 of the new Galaxy S24 family, the flagship of its ‘mobile’ offering.