Such projections come on the back of rising prices in 2023.
Prices of the Google Pixel 8 and 8 Pro jumped by more than $100 compared with their predecessors.
The $1,099 Pixel 8 is $100 more than the Pixel 7, while the Pixel 8 Pro is $1,549, up from its predecessor’s $1,299 price tag.
The price of entry for the iPhone 15 Pro Max – at $1,999 for the 256GB model – is also higher than before as Apple no longer offers a 128GB version, which was $1,799 at launch for the iPhone 14 Pro Max.
Mr Ma added that the average price of a smartphone sold here is nearly twice the global average of US$438 (S$590), reflecting how the Singapore market leans towards higher-end products.
Market research company Canalys said incoming shipments of phones above $1,000 have risen over the past four years to account for 56 per cent of shipments in 2023, compared with a third of shipments in 2020.
It also found that the top five phones sold here in 2023 were all premium devices, including the iPhone 14 Pro Max and the Samsung S23 Ultra.
Canalys analyst Chiew Le Xuan said that brands like Oppo and Google rose in prominence in 2023 to compete with mainstays Apple and Samsung, thanks to innovations in the foldables market and aggressive advertising.
Apple sat at the top of the chain with 43 per cent of the market share as at the third quarter of 2023, Canalys found, followed by Samsung (32 per cent) and Oppo (11 per cent).
Mr Chiew said sales of Oppo devices here have grown by an estimated 7 per cent so far in 2023, compared with 2022.
