South Korea leads the world in having the highest average selling prices for smartphones. (Photo: a screenshot from Tech Insights website)
SEOUL, Apr. 23 (Korea Bizwire) – A recent report from the market research firm TechInsight has revealed that South Korea leads the world in having the highest average selling prices for smartphones, surpassing 87 other countries surveyed.
After initially overtaking Japan in 2021, South Korea has now held the top spot for two consecutive years in terms of average smartphone selling prices (ASP). This trend is expected to continue, with TechInsight projecting that South Korea will maintain its position as the country with the highest smartphone ASP until at least 2029.
The primary factor driving South Korea’s high smartphone pricing is the popularity of Samsung Electronics’ premium foldable models, which command hefty price tags. The rising costs of iPhones have also contributed to the overall increase in South Korea’s smartphone ASP.
In contrast, Japan’s smartphone ASP growth has been more limited due to sluggish sales of Sony’s high-end devices.
While the United Kingdom is projected to climb to the third position for smartphone ASP this year, buoyed by robust iPhone sales, the report anticipates that the U.S. will regain the number three spot within the next two to three years.
Globally, total smartphone revenue is forecasted to increase by 3% in the current year compared to 2023. China, the United States, and India are expected to account for nearly half of the worldwide smartphone sales revenue.
Kevin Lee (kevinlee@koreabizwire.com)
