2024 High-End Smartphone Market Share Growth Report: Apple Leads, China Emerges

2024 High-End Smartphone Market Share Growth Report: Apple Leads, China EmergesCounterPoint Research recently released a report indicating strong growth in the global high-end smartphone market (priced above US$600, approximately RMB 4358) in 2024. Market share jumped from 15% in 2020 to 25%, significantly exceeding the overall smartphone market's 5% year-on-year growth

2024 High-End Smartphone Market Share Growth Report: Apple Leads, China Emerges

CounterPoint Research recently released a report indicating strong growth in the global high-end smartphone market (priced above US$600, approximately RMB 4358) in 2024. Market share jumped from 15% in 2020 to 25%, significantly exceeding the overall smartphone market's 5% year-on-year growth. The high-end segment saw an 8% year-on-year increase, reflecting strong consumer demand and a persistent trend towards premium devices.

The report shows Apple maintaining its dominant position in the high-end market with a 66% share, driven by its strong brand recognition and product competitiveness. While this represents a decrease from 72% in the same period last year, its lead remains substantial. Notably, brands like Samsung, Huawei, and Xiaomi saw increased market share, demonstrating improved competitiveness and expansion in the high-end segment. This indicates intensifying competition as manufacturers vie for market dominance.

Another key trend highlighted is the significant rise of the ultra-high-end smartphone market (average price above US$1000, approximately RMB 7264). In 2024, this segment exceeded 40% market share for the first time, signifying a growing willingness among consumers to invest in top-tier models, reflecting a desire for higher quality, advanced technology, and premium experiences.

Regionally, the US remains the largest high-end smartphone market, holding a 25% share. Strong sales of Apple iPhones and Samsung Galaxy S and Z series phones are the primary drivers of this market leadership. These products benefit from strong brand influence, advanced technology, and well-established ecosystems.

However, the Chinese market is rapidly expanding, reaching a 24% global market share and narrowing the gap with the US. Domestic manufacturers like Huawei, Xiaomi, vivo, and Honor achieved double-digit year-on-year growth in the high-end segment, fueled by advancements in technology, product design, and brand building. Their rise challenges international brands and injects dynamism into the global high-end market.

Emerging markets also demonstrate impressive growth potential. The report notes that thanks to shifting consumer preferences towards premium brands, and easier financing and trade-in programs, the high-end market in India and Latin America grew more than 5 times and 2.5 times respectively since 2020. This suggests that with rapid economic development and increased purchasing power, these regions offer significant growth opportunities for high-end smartphones. Easier access to financing and widespread trade-in programs further lower the barrier to entry for premium devices.

In conclusion, the 2024 global high-end smartphone market displays sustained growth and diversification. Apple continues to lead, but the rise of Samsung, Huawei, Xiaomi, and others is reshaping the landscape. Rapid Chinese market development and strong emerging market growth inject new vitality. Future competition will intensify, requiring continuous innovation and enhanced product competitiveness for success.

The flourishing high-end market reflects consumers' pursuit of a higher quality of life. Stronger performance, refined design, comprehensive features, and superior after-sales service are key factors driving consumer choice. This not only propels technological advancement but also fosters rapid growth in related industries, contributing to global economic growth.

However, this rapid growth also presents challenges. Balancing price and market acceptance, navigating intense competition, and meeting diverse consumer needs are crucial considerations for manufacturers. Continuous innovation and proactive responses are key to future success.

CounterPoint Research's report provides a comprehensive understanding of the 2024 high-end smartphone market's current state and future trends. It offers valuable insights for manufacturers, investors, and consumers alike, informing market understanding and decision-making. Future technological advancements and evolving consumer needs will continue to drive rapid growth, creating exciting possibilities. Competition will intensify, with only innovative and adaptable manufacturers securing long-term success in this dynamic and promising market.