According to the latest report published by market research firm Counterpoint, global smartphone sales in 2022 fell by 12% year-on-year, but the global high-end cell phone market (priced at more than $600) sales increased by 1%, contributing more than 55% to the global cell phone market revenue.
The report points out that the global high-end cell phone market reverses growth mainly for the following reasons, summary as follows.
- The overall economy is not recessionary in 2022, but affluent consumers are less affected by the macroeconomic impact than consumers at other price points
- Consumers are increasingly inclined to buy high-end devices and use them for longer periods of time
- Outside of mature markets such as North America, emerging markets are showing the same trend
The report notes that among OEMs, Apple’s sales in the premium segment grew 6% year-over-year, expanding its share and accounting for three-quarters of total sales in the segment. Apple’s growth would have been even more pronounced had it not been for supply disruptions in the iPhone 14 Pro and Pro Max during the 2022 holiday season.
In addition, the Apple ecosystem is being built to drive users to buy the “family”. If an iPhone user also owns an Apple Watch or a Mac, it is likely that the next smartphone upgrade will be an iPhone.