The trend of premiumisation remains strong, with the premium segment growing by 8 per cent year-on-year. Within the segment, ultra-premium smartphones — those priced above $1,000 — now account for over 40 per cent of premium smartphone sales for the first time. The United States remained the largest premium smartphone market in 2024, contributing 25 per cent to global sales, the report said. In 2024, nearly 300 premium smartphone models were active in the market, even as the total number of smartphone stock keeping units (SKUs) — a crucial part of organising and monitoring merchandise in the retail and e-commerce industries — continued to decline. The premium smartphone segment has expanded significantly in emerging markets with a growth over 5x in India and 2.5x in Latin America. The surge has been driven by changing consumer preferences toward top brands, coupled with easier financing options and trade-in offers. The report added that Apple has been the biggest beneficiary of this shift with a 67 per cent market share in 2024. However, this was a decline from 72 per cent in the previous year, as competitors like Samsung, Huawei, and Xiaomi gained traction.
