Tech :India now becomes the greatest premium smartphone market .
Although Huawei and Samsung have stepped up their game, Apple is still leading the premium smartphone market. However, its market share has decreased.
The premium market is likely to achieve record-breaking growth in sales in 2023—6% YoY. The entire global smartphone market is predicted to drop this year. Apple is still the clear leader in the luxury smartphone industry, but in 2023, compared to 2022, its market share has decreased, primarily as a result of Huawei’s resurgence in China with the Mate 60 series.
Due in large part to its S23 and Foldable series, South Korean behemoth Samsung has also acquired market dominance. According to the research, foldables have become a differentiator in the premium market as well.
Countries with the “fastest-growing premium market globally” are India; in the year, premium market sales in China, India, MEA, and Latin America are expected to reach new heights.
Countries with the “fastest-growing premium market globally” is India; in the year, premium market sales in China, India, MEA, and Latin America are expected to reach new heights.
Furthermore, it is anticipated that in 2023, the premium sector would account for 60% of revenues and nearly one-fourth of sales in the worldwide smartphone industry. The premium sector has been a growth area in the otherwise sluggish market during the last few years, according to revenue patterns.
The research Indicates that the “ultra-premium segment” is the one propelling growth within the premium market. In 2023, the price range of $1,000 and above accounted for more than “one-third of the total premium market sales”.
In general, it is anticipated that the premium segment would keep growing faster than the global smartphone market. “OEMs that can differentiate themselves and, more importantly, build a strong brand will benefit from this segment’s growth,”
Overall, it is anticipated that the premium segment will continue to outpace the global smartphone market. “The expansion of this segment will be advantageous to OEMs who can stand out from the competition and, more importantly, develop a strong brand.
The share of GenAI smartphones, which is projected to reach 4% in 2023, has been apparent as a significant theme in addition to premium smartphones.
The smartphone market Is slated for a “revolutionary change” as AI becomes more and more prevalent in daily life. By 2027, the share of GenAI smartphones might reach 40% and surpass half a billion in shipments.
Additionally, shipments of smartphones with generative artificial intelligence (GenAI) could reach over 100 million units by 2024. It is anticipated that shipments of GenAI smartphones will increase at a CAGR of 83% by 2027, reaching around 522 million units.
India would also be significantly impacted by GenAI. By FY30, the new technology might boost the nation’s GDP by $1.2-1.5 trillion, according to the most recent EY India research.
