Demand for high-end smartphones strong despite sluggish market

Demand for high-end smartphones continued to remain robust through the year despite a market slowdown, a report showed Tuesday.

According to a report by market research firm Counterpoint Research on Tuesday, the global premium smartphone market, involving devices priced $600 and above, is projected to post record revenue in 2023, with a 6 percent increase from the previous year. Premium smartphones are anticipated to account for 24 percent of total sales.

This follows a steady rise from 19 percent in 2021 and 22 percent in 2022.

The growing importance of smartphones has led to a continued demand for high-end devices, and the rapid increase in premium demand in emerging countries such as India is seen as a key driver of market expansion.

In fact, regions like China, India, the Middle East, and South America achieved record-high premium market sales last year, with India seeing the fastest growth, according to Counterpoint Research.

Apple Inc. currently dominates the premium smartphone market.