Premium mobile sales soar, but overall market declines

Smartphone shipments in the premium segment (above ₹30,000) grew a whopping 112% on year in the second quarter ended June 2023, outperforming a shrinking overall market hurt by tepid demand, according to a research report released on Monday.

The strong growth saw the premium segment accounting for a record 17% of overall shipments, propelling India to become one of Apple’s top-five markets where the Cupertino-based iPhone maker achieved 56% on-year growth. Apple also led the ultra-premium segment (above ₹45,000) with 59% market share, said Counterpoint Research in its new report.