Science and Technology Desk: The average selling price of premium smartphones in the global market has increased by 8 percent year-on-year. According to a recently published report, the average price reached $780 in the quarter ending in June this year. News Gadgets Now.
Apple controls 57 percent of the premium smartphone market. Where Vivo has overtaken Oppo as the third largest premium smartphone for the first time. This change comes as sales of smartphones priced at $1,000 or more have increased by 94 percent year-on-year.
According to a Counterpoint Research report, the premium market has outpaced the entire smartphone market in terms of sales for nine consecutive quarters. In the second quarter of 2022, the segment contributed to one-fourth of premium smartphone sales and one-fifth of total revenue alone.
Varun Mishra, senior researcher at the market research firm, said that users are changing their devices as 5G technology becomes more popular. This is particularly significant. Because most of the iPhone users have migrated to 5G. Because of this, Apple’s sales have increased by 114 percent year-on-year. Through which the Cupertino-based technology giant managed to control 78 percent of the $1,000 or more smartphone market.
Consumers whose incomes were not affected by the Covid-19 pandemic and the money they earned from not traveling, spent it on expensive devices, including smartphones.
The premium segment of the smartphone market grew by 60 percent in the second quarter as the affordable smartphone segment was hit by inflation. In the first quarter of the year, the rate was 58 percent.
5 things you must consider before buying a 5G phone