China's Smartphone Market Shifts Towards Premiumization, Domestic Flagships Aim for iPhone 16 Series
China's Smartphone Market Shifts Towards Premiumization, Domestic Flagships Aim for iPhone 16 Series
China's Smartphone Market Shifts Towards Premiumization, Domestic Flagships Aim for iPhone 16 Series
Market research firm Counterpoint Research recently released a report stating that the premiumization trend in China's smartphone market accelerated in the first half of 2024. The segment exceeding $600 (approximately RMB 4338) saw an 8% year-on-year growth in sales, compared to a 4% growth in the overall market.
The report highlights the continuous efforts of domestic smartphone brands in pushing technological innovation and user experience within their flagship models. These models are engaging in fierce competition with Apple's iPhone 16 series in the premium segment. Flagships such as the Honor Magic7, iQOO 13, OPPO Find X8 series, OnePlus 13, vivo X200 series, and Xiaomi 15 series demonstrate significant competitiveness.
Counterpoint Research believes that these domestic flagship models are not inferior to the iPhone 16 series and Samsung Galaxy S24 series in terms of comprehensive hardware and software capabilities. Each flagship possesses its unique selling points and positioning, further segmenting the premium market to cater to the diverse needs of consumers.
Data shows that the premium smartphone market grew by 16% year-on-year in 2023, while the overall market declined by 1%. This signifies that the premium smartphone market is becoming the primary driving force behind China's smartphone market growth.
The ongoing breakthroughs of domestic smartphone manufacturers in the premium segment are attributed to their continuous investment in technological research and development, as well as the increasing recognition and acceptance of domestic premium brands among Chinese consumers. With the continuous advancements of Chinese smartphone manufacturers in technology and branding, the premiumization trend in China's smartphone market is expected to be even more evident in the future. The competition between domestic flagship models and global brands like Apple will also intensify.
Tag: China Smartphone Market Shifts Towards Premiumization Domestic Flagships Aim
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