Global smartphone prices have risen by an average of about 15% since the start of the year due to the higher cost of memory chips, according to a Counterpoint study.
More than 40% of models have become more expensive so far, marking the first such case in the industry. Some models have nearly doubled in price as manufacturers passed on higher component costs to consumers.
The largest price increases this year were seen in India (21%), the Asia-Pacific region (19%), and the Middle East and Africa (18%). In China, smartphones rose by 10%, in Europe by 7%, and in the US by 5%, with the increase mainly concentrated on new models.
"Memory has become a key factor determining the cost of smartphones, leading to price changes across the industry," said Counterpoint research director Tarun Pathak. "Consumers are responding by delaying upgrades, waiting for major sales to buy a phone, or turning to the used device market."
The Counterpoint study was based on prices of more than 4,000 smartphone models.