India emerges as fastest growing 'premium' smartphone market in 2023 - Fortune India

A Cash Kart Edit site Customize New Edit Post SEOFocus keyphrase not set Howdy, admin Log OutSkip to content A Cash Kart India emerges as fastest growing 'premium' smartphone market in 2023 – Fortune India The overall global smartphone market is expected to see a decline this year, but the premium market’s sales are estimated to grow 6% YoY in 2023, which is a new record, according to the latest report by global TMT (technology, media and telecom) research firm Counterpoint Research. In the premium smartphone market, Apple continues to be the undisputed leader, but compared to 2022, its share has declined in 2023, mainly due to Huawei’s resurrection in China driven by the Mate 60 series. South Korean giant Samsung has also gained a share, driven by its S23 and Foldable series. The data shows that foldables have also emerged as a differentiator in the premium market. In the year, countries like China, India, MEA and Latin America are likely to set a new record for premium market sales, with India being the “fastest-growing premium market globally”. In addition, the premium segment is likely to capture close to one-fourth of the global smartphone market sales and 60% of the revenues in 2023. The revenue trends show that over the past few years, the premium segment has emerged as a growth area in the otherwise weak market. In volume growth in 2023 compared to 2016, the year 2023 could see about 24% growth in the global smartphone market’s premium segment, up from 21% recorded in 2022 and 19% in 2021. This trend also signals a shift in consumer buying patterns in the smartphone market. “Considering the importance a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period. Owning the latest and greatest flagships has also become a status symbol for many consumers, especially in emerging markets,” says Varun Mishra, senior analyst, Counterpoint Research. Within the premium market, shows the data, it is the “ultra-premium segment” that is driving the growth. The $1,000 and above price segment has captured over “one-third of the total premium market sales” in 2023. Overall, the premium segment is expected to continue to outgrow the global smartphone market. “OEMs that can differentiate themselves and, more importantly, build a strong brand will benefit from this segment’s growth,” the report says. Apart from premium smartphones, another crucial theme that has emerged is the share of GenAI smartphones, which is expected to be 4% in 2023. With AI taking centre-stage in every sphere of life, the smartphone industry, too, is set for a “revolutionary change”, and by 2027, the GenAI smartphone share could touch 40% and surpass half a billion in shipments. In this year, too, generative AI (GenAI) smartphones could see shipments rising to over 100 million units in 2024. By 2027, the shipments of GenAI smartphones are expected to see a CAGR growth of 83%, hitting around 522 million units. GenAI will have a profound impact on India, too. The new technology could contribute $1.2-1.5 trillion to the country’s GDP by FY30, as per the latest EY India report. India has emerged as the second largest generator of digital data, behind only China, which gives the country an advantage when it comes to training GenAI models. Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon. Share the article Your email address will not be published. Required field are marked* 19% of surveyed employers have already implemented or are in the process of implementing next-generation technologies such as Generative AI at the workplace during the coming year. The year 2023 saw remarkable innovations in the AI space; India’s big techs and emerging startups are catching up fast In a series of alarming instances, notable figures in Indian politics and entertainment have fallen prey to the deceptive reach of deepfakes. The fastest Android phone around, it’s a great daily driver and a gamer’s delight 19% of surveyed employers have already implemented or are in the process of implementing next-generation technologies such as Generative AI at the workplace during the coming year. The year 2023 saw remarkable innovations in the AI space; India’s big techs and emerging startups are catching up fast In a series of alarming instances, notable figures in Indian politics and entertainment have fallen prey to the deceptive reach of deepfakes. 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Log OutSkip to content A Cash Kart India emerges as fastest growing 'premium' smartphone market in 2023 – Fortune India The overall global smartphone market is expected to see a decline this year, but the premium market’s sales are estimated to grow 6% YoY in 2023, which is a new record, according to the latest report by global TMT (technology, media and telecom) research firm Counterpoint Research. In the premium smartphone market, Apple continues to be the undisputed leader, but compared to 2022, its share has declined in 2023, mainly due to Huawei’s resurrection in China driven by the Mate 60 series. South Korean giant Samsung has also gained a share, driven by its S23 and Foldable series. The data shows that foldables have also emerged as a differentiator in the premium market. In the year, countries like China, India, MEA and Latin America are likely to set a new record for premium market sales, with India being the “fastest-growing premium market globally”. In addition, the premium segment is likely to capture close to one-fourth of the global smartphone market sales and 60% of the revenues in 2023. The revenue trends show that over the past few years, the premium segment has emerged as a growth area in the otherwise weak market. In volume growth in 2023 compared to 2016, the year 2023 could see about 24% growth in the global smartphone market’s premium segment, up from 21% recorded in 2022 and 19% in 2021. This trend also signals a shift in consumer buying patterns in the smartphone market. “Considering the importance a smartphone holds, consumers are willing to spend more to get a high-quality device that they can use for a longer period. Owning the latest and greatest flagships has also become a status symbol for many consumers, especially in emerging markets,” says Varun Mishra, senior analyst, Counterpoint Research. Within the premium market, shows the data, it is the “ultra-premium segment” that is driving the growth. The $1,000 and above price segment has captured over “one-third of the total premium market sales” in 2023. Overall, the premium segment is expected to continue to outgrow the global smartphone market. “OEMs that can differentiate themselves and, more importantly, build a strong brand will benefit from this segment’s growth,” the report says. Apart from premium smartphones, another crucial theme that has emerged is the share of GenAI smartphones, which is expected to be 4% in 2023. With AI taking centre-stage in every sphere of life, the smartphone industry, too, is set for a “revolutionary change”, and by 2027, the GenAI smartphone share could touch 40% and surpass half a billion in shipments. In this year, too, generative AI (GenAI) smartphones could see shipments rising to over 100 million units in 2024. By 2027, the shipments of GenAI smartphones are expected to see a CAGR growth of 83%, hitting around 522 million units. GenAI will have a profound impact on India, too. The new technology could contribute $1.2-1.5 trillion to the country’s GDP by FY30, as per the latest EY India report. India has emerged as the second largest generator of digital data, behind only China, which gives the country an advantage when it comes to training GenAI models. Follow us on Facebook, Twitter, YouTube & Instagram to never miss an update from Fortune India. To buy a copy, visit Amazon. Share the article Your email address will not be published. Required field are marked* 19% of surveyed employers have already implemented or are in the process of implementing next-generation technologies such as Generative AI at the workplace during the coming year. The year 2023 saw remarkable innovations in the AI space; India’s big techs and emerging startups are catching up fast In a series of alarming instances, notable figures in Indian politics and entertainment have fallen prey to the deceptive reach of deepfakes. The fastest Android phone around, it’s a great daily driver and a gamer’s delight 19% of surveyed employers have already implemented or are in the process of implementing next-generation technologies such as Generative AI at the workplace during the coming year. The year 2023 saw remarkable innovations in the AI space; India’s big techs and emerging startups are catching up fast In a series of alarming instances, notable figures in Indian politics and entertainment have fallen prey to the deceptive reach of deepfakes. The fastest Android phone around, it’s a great daily driver and a gamer’s delight source January 9, 2024 admin Uncategorized A Cash Kart Proudly powered by WordPress India emerges as fastest india India emerges as fastest Delhi India emerges as fastest Bengaluru India emerges as fastest Ahmedabad India emerges as fastest Hyderabad India emerges as fastest Chennai India emerges as fastest Kolkata India emerges as fastest Pune India emerges as fastest Jaipur India emerges as fastest Surat India emerges as fastest Lucknow India emerges as fastest Kanpur India emerges as fastest Nagpur India emerges as fastest Patna India emerges as fastest Indore India emerges as fastest Thane India emerges as fastest Bhopal India emerges as fastest Visakhapatnam India emerges as fastest Vadodara India emerges as fastest Firozabad India emerges as fastest Ludhiana India emerges as fastest Rajkot India emerges as fastest Agra India emerges as fastest Siliguri India emerges as fastest Nashik India emerges as fastest Faridabad India emerges as fastest Patiala India emerges as fastest Meerut India emerges as fastest Kalyan-Dombivali India emerges as fastest Vasai-Virar India emerges as fastest Varanasi India emerges as fastest Srinagar India emerges as fastest Dhanbad India emerges as fastest Jodhpur India emerges as fastest Amritsar India emerges as fastest Raipur India emerges as fastest Allahabad India emerges as fastest Coimbatore India emerges as fastest Jabalpur India emerges as fastest Gwalior India emerges as fastest Vijayawada India emerges as fastest Madurai India emerges as fastest Guwahati India emerges as fastest Chandigarh India emerges as fastest Hubli-Dharwad India emerges as fastest Amroha India emerges as fastest Moradabad India emerges as fastest Gurgaon India emerges as fastest Aligarh India emerges as fastest Solapur India emerges as fastest Ranchi India emerges as fastest Jalandhar India emerges as fastest Tiruchirappalli India emerges as fastest Bhubaneswar India emerges as fastest Salem India emerges as fastest Warangal India emerges as fastest Mira-Bhayandar India emerges as fastest Thiruvananthapuram India emerges as fastest Bhiwandi India emerges as fastest Saharanpur India emerges as fastest Guntur India emerges as fastest Amravati India emerges as fastest Bikaner India emerges as fastest Noida India emerges as fastest Jamshedpur India emerges as fastest Bhilai Nagar India emerges as fastest Cuttack India emerges as fastest Kochi India emerges as fastest Udaipur India emerges as fastest Bhavnagar India emerges as fastest Dehradun India emerges as fastest Asansol India emerges as fastest Nanded-Waghala India emerges as fastest Ajmer India emerges as fastest Jamnagar India emerges as fastest Ujjain India emerges as fastest Sangli India emerges as fastest Loni India emerges as fastest Jhansi India emerges as fastest Pondicherry India emerges as fastest Nellore India emerges as fastest Jammu India emerges as fastest Belagavi India emerges as fastest Raurkela India emerges as fastest Mangaluru India emerges as fastest Tirunelveli India emerges as fastest Malegaon India emerges as fastest Gaya India emerges as fastest Tiruppur India emerges as fastest Davanagere India emerges as fastest Kozhikode India emerges as fastest Akola India emerges as fastest Kurnool India emerges as fastest Bokaro Steel City India emerges as fastest Rajahmundry India emerges as fastest Ballari India emerges as fastest Agartala India emerges as fastest Bhagalpur India emerges as fastest Latur India emerges as fastest Dhule India emerges as fastest Korba India emerges as fastest Bhilwara India emerges as fastest Brahmapur India emerges as fastest Mysore India emerges as fastest Muzaffarpur India emerges as fastest Ahmednagar India emerges as fastest Kollam India emerges as fastest Raghunathganj India emerges as fastest Bilaspur India emerges as fastest Shahjahanpur India emerges as fastest Thrissur India emerges as fastest Alwar India emerges as fastest Kakinada India emerges as fastest Nizamabad India emerges as fastest Sagar India emerges as fastest Tumkur India emerges as fastest Hisar India emerges as fastest Rohtak India emerges as fastest Panipat India emerges as fastest Darbhanga India emerges as fastest Kharagpur India emerges as fastest Aizawl India emerges as fastest Ichalkaranji India emerges as fastest Tirupati India emerges as fastest Karnal India emerges as fastest Bathinda India emerges as fastest Rampur India emerges as fastest Shivamogga India emerges as fastest Ratlam India emerges as fastest Modinagar India emerges as fastest Durg India emerges as fastest Shillong India emerges as fastest Imphal India emerges as fastest Hapur India emerges as fastest Ranipet India emerges as fastest Anantapur India emerges as fastest Arrah India emerges as fastest Karimnagar India emerges as fastest Parbhani India emerges as fastest Etawah