Indian Economy News

India fastest growing premium smartphone market globally in 2023: Report

  • IBEF
  • January 3, 2024

In its 2023 report on the global premium smartphone market, industry tracker Counterpoint forecasts that China, India, the Middle East, Africa, and Latin America are poised to set new records in premium market sales. Notably, India is anticipated to emerge as the fastest-growing premium market worldwide. The report underscores that the growth is primarily driven by the ultra-premium segment, denoting smartphones priced at US$ 1,000 and above, which accounted for more than one-third of total premium market sales in 2023.

A discernible shift in consumer purchasing patterns within the smartphone market is observed. Recognizing the pivotal role smartphones play in individuals' lives, consumers exhibit a willingness to invest more in acquiring high-quality devices with extended usage potential. The possession of the latest flagship models has evolved into a status symbol for many consumers, particularly in emerging markets, where a notable trend involves direct transitions from the mid-price to the premium price band. Moreover, the increasing affordability of these devices is attributed to promotional seasons and the availability of financing options, according to Mr. Varun Mishra, Senior Analyst at Counterpoint. The report emphasizes that consumers, driven by a desire for longevity, quality, and status, are inclined to allocate higher budgets to secure technologically advanced and prestigious smartphones.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.