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 Global smartphone market revenues declined by 2 per cent to a little under $410 billion in 2023 compared with a 4 per cent decline in shipments to 1.17 billion units, a new report showed on Friday.

This is largely due to a 2 per cent growth in global smartphone average selling price (ASPs) which touched $350 for the first time.

Apple led the market with a 50 per cent share of global smartphone revenues, its highest-ever for a full year, according to Counterpoint Research.

Consequently, while the non-premium segments experienced double-digit declines, premium smartphone shipments grew by 8 per cent driven by foldables, features like GenAI, and, of course, Apple.

“Apple displaced Samsung as the biggest player in shipments for the first time in a full year. While the US made the biggest volume contribution to Apple’s growth, it also received a major boost through double digit growth in emerging markets including India, Caribbean and Latin America (CALA) and Middle East and Africa (MEA),” said Research Director Jeff Fieldhack.

Samsung, the longstanding market leader in terms of shipments suffered setbacks on multiple fronts, ceded some share in premium markets to Apple.

Its mid-tier phones also faced increasing competition from Chinese OEMs including Xiaomi and vivo in markets such as India.

Overall, global smartphone ASPs are also likely to continue their upward journey with vendors, carriers, and retailers preferring to sell higher-end models.

“While on the demand side, backed by better financing options, consumers have also shown greater willingness to spend more for longer lasting devices. The resurgence of Huawei in China is also likely to contribute to ASP growth,” the report mentioned.