Apple stock tanked after the Company introduced its latest iPhones overnight but despite this Apple is still set to dominate the premium smartphone market according to IDC.

As CEO Tim Cook was pitching Apple latest offering, share investors in the global Company that has already seen $300 billion wiped from their value in recent weeks were taking the stock down even lower, at one stage drop [ping 2%.

Apple are banking on new materials, camera upgrades and improved performance to drive sales despite significant price rises with the Company betting on titanium as a reason to upgrade.

While the lower-priced iPhones are made with aluminium, the Pro models have long been constructed with a surgical steel, making them stronger but also heavier. This year’s Pros feature a titanium frame, which weighs less. Apple said this titanium, the same used on a recent Mars rover, is more durable. There is also a thinner bezel around the screen.

The mute switch on the top left—which has long allowed users to easily turn off the ringer—has been replaced on Pro models with a programmable key to perform various functions. Press and hold this new “action button” to silence the phone or press to do such things as start a voice memo, launch the camera or use accessibility features.

This year the range includes the iPhone 15, 15 Plus, 15 Pro and 15 Pro Max. Like last year, the entry-level models start at $1499 for the iPhone 15, $1649 for the iPhone 15 Plus, $1849 for the iPhone 15 Pro and $2199 for the iPhone 15 Pro Max.

That’s $100, $70, $100 and $300 more expensive than last year’s models.

And one big change is that Apple customers can now use a USB C cable to charge their devices a move that will strip Apple from being a blue to charge a licence fee.

Apple currently dominates in the premium smartphone market. IDC data reveals that of the top 10 premium smartphones being sold in Australia Apple has 7 out of the Top 10 models in the Premium segment ($800+) are from Apple, with iPhone 14 Pro and ProMax at the top.

Similarly, the Samsung Ultra, the top of line flagship for the Samsung S series, also performs better than its peers.

The US and China account for nearly half of all premium smartphone shipments.

The question now is whether the new iPhone15 Pro/ProMax will continue this trend?

IDC data shows the more expensive Pro/ProMax models take up an increasing share of the new 2023 line up during launch quarter each year, and this drives ASP up year after year for retailers such as JB Hi Fi and Telstra, Optus and Vodafone.

The new models — especially the high-end versions — represent the first significant iPhone overhaul since the company’s first 5G phones came out in 2020.

Apple is looking to pull out of a sales slump, and it’s counting on major changes to the device to get people to upgrade. The company also is facing trouble in China, where government workers are increasingly banned from using its products and consumer sentiment may be turning against US-branded technology.

They are also facing new competition from Samsung who recently launched new Flip and Fold models in the fast-growing foldable smartphone section.

According to IDC The Apple Vs Samsung Rivalry 76% of Apple’s smartphone shipments are premium compared to 20% of Samsung’s.

Both brands are increasing their focus on premium products within their respective portfolios, but clearly Apple’s portfolio shift has been much more rapid.