India fastest growing premium smartphone market globally in 2023: Report

China, India, Middle East and Africa regions, and Latin America are likely to see a new record for premium market sales, with India being the fastest-growing premium market globally, noted the industry tracker Counterpoint in its report on global premium smartphone market in 2023. According to the report, it is the ultra-premium segment that is driving the growth – $1,000 and above price segment has captured over one-third of the total premium market sales in 2023.

“There has been 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.