Overview:
India smartphone market shipments were in line as per our expectations in Q2 2024 as the market shipments were down by 3% YoY in Q2 2024, a period of degrowth as shipments were affected by heatwave conditions and lower consumer demand in the market. However, the quarter ended with aggressive promotions by OEMs which helped in improving the inventory situation to some extent. Consumer demand is expected to improve around the festive period, with upgrades further boosting later in the second half of the year. Q3 is expected to perform well with onset of festive season sales, with Diwali festival slightly earlier this year the sale is also expected to start a bit earlier. Therefore, we believe the market will witness single digit growth of 3% in 2024 driven by premium segment and 5G upgrades.
5G penetration reached 77% for Q2 2024. OEMs introduced 5G capabilities in the lower price segment as key differentiators. Overall, we estimate 5G share to further increase for the rest of the year and close at 79% for full year. The premium segment is expected to cross 20% shipment share in 2024 driven by festive season offers on premium models in H2 2024. Consumers jumping price bands and going for better featured smartphones will help this price band.
In this report you will find India smartphone shipments forecast by:
- India Smartphone brand wise volumes till 2025
- India Smartphone brand wise value till 2025
- India Smartphone Volume By Tech (4G and 5G split)
- India Smartphone volume By Price-Band
- India smartphone volume By Channel (Online & Offline)
Published Date: September 2024