The premium smartphone market make up more than half of global smartphone revenue in 2022, a report claims, with Apple's iPhone providing the lion's share.
Sales in the overall global smartphone market dropped 12% year-on-year between 2021 to 2022 due to a variety of macroeconomic difficulties. However, the premium end of the scale still performed well.
According to a report from Counterpoint, the global premium smartphone market, which consists of devices with a wholesale price at or above $600, saw a small 1% of YoY growth in 2022. This minor improvement coupled with an overall market drop now means premium smartphone sales contributed 55% of the total annual smartphone market revenue for the first time ever.
Analysts point to a number of reasons for growth, including how affluent customers are more immune to economic difficulties, allowing for high-end growth while entry and mid-tier segments declined.
The increased centrality of a smartphone to a person's life also means people are more prepared to spend heavily and retain them for a longer period. This cultural change also led to the $1,000 and above price segment to become the fastest growing in 2022, with 38% year-on-year.
On a per-vendor basis, Apple continues to maintain its grip over the premium market for another year, holding on to 75% in 2022 versus a 71% share in 2021. This was due to a growth in sales of 6% year-on-year for Apple, but Counterpoint reckons more could've been secured had Apple not encountered Zhengzhou factory disruptions.
Samsung was in second place, declining from a 17% share to a 16% share due to a 5% YoY decline in the segment.