The global smartphone market has been experiencing a slowdown as companies have not been able to keep up with the momentum gained during the COVID lockdown.

Despite the decline in overall sales, the premium smartphone segment has continued to grow for seven years in a row. As per the latest report from Counterpoint Research, smartphones priced over $600 (roughly Rs 50,000) have witnessed a 6% YoY growth in 2023.

Apple remains the top choice in the high-end segment, followed by Samsung. The report notes that Apple's iPhones were the preferred choice of flagships with a market share of 71% in the premium segment (above Rs 50,000).

On the other hand, Samsung held a market share of 17% in the premium segment. Samsung is also the undisputed market leader when it comes to foldable smartphones.

The Galaxy Z Flip 5 and Fold 5 received over 1 lakh pre-bookings in India itself, during the launch in August 2023. These numbers suggest that foldables are gaining significant interest among buyers looking for a flagship.

Huawei is the third-largest contributor of premium smartphones, and the majority of these sales come from China with the launch of the Huawei Mate 60 Series. The company has also started manufacturing 5G chipsets using SMIC, which is helping them to push flagship devices amidst the USA sanctions.

Surprisingly, OPPO only had a 1% market share in the premium segment, which includes OnePlus. Despite the popularity of the OnePlus 11 series, the company still lags behind Apple and Samsung by a huge margin in flagship sales.

Xiaomi's partnership with Leica is helping the company grow its presence in the premium segment with devices like the Xiaomi 12S Ultra, Xiaomi 13 Pro, and more.

Although the company is famous for its flagship killer devices from its subsidiaries Redmi and POCO, the Mi flagships are often priced below Rs 50,000. Xiaomi has managed to gain a 2% market share in the premium smartphone sales globally.

According to Counterpoint Research, India is currently the fastest-growing market for premium smartphones and has played an important role in the growth of this segment globally.