As iPhone 14 launch looms, Apple gets some great news

Apple is leading the premium smartphone market sales globally with 57 percent, according to a report. The good news comes just ahead of iPhone 14 launch date, which is on September 7.

Apple leads premium smartphone market sales with its iPhones. (Reuters)

Wondering which premium smartphone making company is leading in sales globally? It is Apple. According to a report by Counterpoint Research, Apple continued to lead the premium smartphone market sales with 57 percent share. The good news comes just ahead of iPhone 14 launch date, which is on September 7, 2022. The global premium smartphone market ($400 and above wholesale price) average selling price (ASP) grew 8 percent YoY to reach $780, a second-quarter record, in Q2 2022, according to Counterpoint Research's Market Pulse Service.

"Apple continued to lead the premium segment with a 57% share as the 4G iOS installed base continued to upgrade. Sales and promotions in the US remained strong through the quarter. There was no evidence of any macroeconomic impact on demand. Apple also continued to successfully onboard new users as switcher growth hit a fresh record during the quarter, largely driven by robust growth in emerging economies," the report said.

As Apple leads the premium smartphone market sales, Vivo surpassed OPPO to become the third largest premium smartphone brand for the first time. "vivo's sales grew 59% YoY as it surpassed OPPO to become the third largest premium smartphone brand in Q2 2022 for the first time ever. Most of this growth came from China, driven by the X80, S15 and iQOO 9 series. vivo also became the second largest premium smartphone brand in China for the first time ever. It was also the largest smartphone OEM in China in the affordable premium segment ($400-$699), driven by the X80 series," the report said.

Also, Samsung's sales grew 2 percent on yearly basis and its share also increased as the S22 Ultra continued to be the best-selling Android smartphone in the premium segment for the second consecutive quarter. The share of Chinese OEMs OPPO, Xiaomi and Huawei declined as their home market struggled through Q2 2022, clocking the lowest quarterly sales since Q4 2012.

The report also informed that the segment's growth has also helped in arresting revenue declines. "Despite the unit sales decline, global premium smartphone market revenues remained flat YoY. As lower price tiers got affected more by inflationary pressures, the premium market's revenue contribution to the overall smartphone market increased to 60% in Q2 2022 from 58% in Q1 2022," it said.

In terms of volumes, sales in the premium segment declined 8% YoY in Q2 2022 but performed better than the overall smartphone market, which declined 12%. This is the ninth consecutive quarter in which the premium market has outperformed overall smartphone market growth.