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Despite declining sales of premium phones in 2023, Apple remains the top performer in the market.

In 2023, Apple remained the leader in the premium smartphone market, but sales declined compared to the previous year, according to a new Counterpoint Research report. The report indicates that there is growing competition from Samsung and the re-emergence of Huawei as a threat, affecting Apple’s sales.

The report classifies phones as premium if their wholesale value is more than $600, typically resulting in a retail price above $800. Premium phones accounted for almost a quarter (24%) of all phones sold in 2023, reaching an all-time record and indicating a significant increase in their market share.

Despite representing only 24% of total sales, premium phones are projected to generate 60% of the revenue in 2023. This shift is attributed to consumers’ willingness to spend more on high-quality devices that they can use for a longer period. The latest flagship phones have also become a status symbol for many consumers, especially in emerging markets.

Apple continues to dominate the premium market, but its global market share declined from 75% to 71% in 2023, with Samsung and Huawei gaining ground. Samsung’s gains were linked to the growing popularity of folding phones, a market segment where Apple has yet to compete.

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