A recent report revealed that Apple continues to lead the global premium smartphone market as it includes devices with a total price tag of $600 or more. The company continues to maintain a market share of 71%, while the second company on the list is Samsung with a market share of 17%.

But compared to 2022, Apple's share has decreased this year, and two main factors are said to be behind this decline in its market share: first, as Huawei returned to China driven by the Mate 60 series of phones, and second, Samsung also gained share driven by the S23 and foldable series.

What could affect Apple in 2024?

China has been a challenge for Apple given the tensions between China and the US, with several Chinese state governments banning their officials from using iPhones as official phones, and secondly, the foldable devices have reportedly emerged as an oddity in the premium market. Here again, there is no sign of Apple launching foldable phones in 2024, with all other competitors joining the foldable device race.

Changing trends in the smartphone market

Commenting on the growth of the premium market, senior analyst Varun Mishra said, “There has been a change in consumer buying patterns in the smartphone market, and given the importance of owning a smartphone, consumers are willing to spend more. A high-quality device that they can use for a long time.”

Owning the latest and greatest flagship phones has become a status symbol for many consumers, especially in emerging markets, where they move straight from the mid-range to the premium range. Also, these devices come at affordable prices due to promotional seasons. Financial options.

In the premium market, the premium segment is driving growth, and the US$1,000 and above price segment accounts for more than one-third of total premium market sales by 2023. Overall, the premium segment will outperform the smartphone market. Globalism. OEMs that can differentiate themselves and, more importantly, build a strong brand, will benefit from growth in this sector.