Premium smartphones hit record levels in Q1 2022
BEIJING and LONDON and SAN DIEGO and BUENOS AIRES, Argentina and NEW DELHI and SEOUL, South Korea and HONG KONG, June 23, 2022
BEIJING and LONDON and SAN DIEGO and BUENOS AIRES, Argentina and NEW DELHI and SEOUL, South Korea and HONG KONG, June 23, 2022 /PRNewswire/ -- The global premium (US$400 and above wholesale ASP) smartphone market sales volume declined 8% YoY during the quarter, but it still performed better than the overall smartphone market, which declined by 10%, according to Counterpoint Research's Market Pulse Service. This is the eighth consecutive quarter where the premium market has outperformed overall smartphone market growth.
Apple continued to lead the premium market, exceeding 60% share for the second consecutive quarter. This was driven by the iPhone 13 series. The iPhone 13 has been the best-selling model globally each month since October 2021. This was also the highest first quarter share for Apple in the premium segment since Q1 2017.
Samsung's share declined in the segment. This was mainly because of a delayed launch of the Galaxy S22 series as compared to the S21 series launch in 2021. However, the S22 series is performing well overall. The Galaxy S22 Ultra has been a hit combining the best of the S series and the Note series. It was the best-selling android smartphone in the premium segment in Q1 2022.
Although sales volume in the premium segment declined YoY it grew in importance, with almost three in 10 smartphones sold coming from the premium segment: its highest-ever first quarter share. And sales value grew slightly (+0.5% YoY) due to an increase in the Average Selling Price. The premium segment alone accounted for almost two thirds of global smartphone value during the quarter, reaching the highest first-quarter value contribution as well.
This revenue resilience was driven by a 164% YoY sales volume growth in the ultra-premium (US$1000 and above) price band, which became the largest contributor to the premium market, both in terms of sales volume as well as value. It was the fastest-growing price segment globally as well as in China, Western Europe, and North America.
Going forward, we will continue to see smartphone manufacturers trying to gain share in the premium segment. With global inflation rising, the lower price band segments are likely to be harder hit. Only through a rise in sales in higher price bands, will manufacturers be able to offset some of the resulting revenue declines.
Note: OPPO includes OnePlus in Q1 2022.
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SOURCE Counterpoint Research