The premiumization trend in the smartphone market is on the rise, with more consumers opting for more expensive devices. The premium smartphone market share has increased from 15% in 2020 to 25% in 2024, thanks to steady demand from users who want to own feature-rich products.
Consumers increasingly prefer high-end smartphones for more features
Apple will continue to lead the premium segment in 2024, capturing more than 67% of the premium device market, although that is down from 72% last year as competitors such as Samsung, Huawei, Xiaomi and Google gradually close the gap. In particular, the market share of "ultra-premium" smartphones (those priced at $1,000 or more) grew by more than 40% for the first time, indicating growing interest from users in the most advanced versions.
High-end smartphones take off in India
The report also found that while the US may not have the fastest internet in the world, it has the highest premium smartphone market share at 25%, followed by China at 24%. India, one of the largest smartphone markets, has seen a five-fold increase in the premium segment since 2020 as consumers favor top brands.
While some consumers may struggle to afford expensive phones, financing incentives and easy return programs have made them more accessible. The premiumization trend is expected to continue as emerging regions continue to increase prices, albeit at a slower pace. The premium segment in China, in particular, is expected to grow further thanks to smartphone subsidies.
Device makers, for their part, are trying to justify the high prices by offering long-term software support and future-proof hardware. Samsung and Google have already started offering up to seven years of software support for their product lines, surpassing Apple’s five-year commitment for the iPhone. Meanwhile, Apple CEO Tim Cook has emphasized that ecosystem engagement is important to attracting users, especially in markets where Apple Intelligence is deployed.
Source: https://thanhnien.vn/nguoi-tieu-dung-ngay-cang-chuong-smartphone-cao-cap-185250218094724444.htm
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