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.
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
The low ($100-$200) and mid ($200-$400) segments will likely continue to rise in popularity in the future as consumers try to squeeze the most value out of their purchases.
The rising affinity for affordable smartphones will supposedly pose a challenge for premium handsets, intensifying competition in the higher-priced segments.