Smartphone market trends 2020
Per the Q2 data, consumers prioritized smartphones priced between $100 and $400, giving the category a market share of 60 percent.
A breakup of the results shows that under $400 devices accounted for 85 percent of smartphone sales in most Asian Pacific countries, Central and Eastern Europe, Latin America, the Middle East, and Africa.
Market share of under $200 devices increased 10 percent year on year to 27 percent in the US during the last quarter.
The mid-to-high segment, which comprises smartphones with a price tag between $400 and $600, grew 4 percent in Q2 2020, which earned it a share of 11.6 percent.
The category grew the most in China with an 8 percent increase in market share to 21 percent during the second quarter of the year.
Samsung, Huawei, Xiaomi, OPPO, and Vivo dominated the segment in Q2. Apple is a new entrant in this price tier with its iPhone SE, and the phone is performing quite well, which is all the more indication that this is a hot category at the moment.
Average Selling Price of 5G-enabled smartphones expected to go below $500 in the long run
In the long term, smartphones priced between $400 and $600 are expected to see the highest growth, largely because of a projected drop to $465 in the average selling price (ASP) of 5G-ready phones.
The rising affinity for affordable smartphones will supposedly pose a challenge for premium handsets, intensifying competition in the higher-priced segments.
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