• Xiaomi reclaimed the top spot with an 18.9% shipment share, closely followed by vivo with 18.8%.
• Samsung led the market in terms of value with a 25% share, followed by vivo and Apple.
• 5G smartphones captured their highest-ever share of 77% in the overall shipments.
• The INR 20,000-INR 30,000 (~$240-$360) and >INR 45,000 (>~$540) price bands saw the fastest growth at 25% and 24% YoY, respectively.

New Delhi, Beijing, Buenos Aires, Fort Collins, Hong Kong, London, Seoul, Taipei, Tokyo – July 31, 2024

India’s smartphone shipments fell 2% YoY in Q2 2024 (April-June), according to Counterpoint’s Monthly India Smartphone Tracker. The decline was influenced by a heatwave, a seasonal slump, and slower demand from Q1 2024. In response, OEMs hosted sales events in Q2 to clear inventory, leading to a reduced sell-in and a period of degrowth.

Commenting on the market’s volume dynamics, Senior Research Analyst Shilpi Jain said, “Heatwave conditions in various regions led to lower footfalls in offline channels and delayed smartphone purchases as consumers prioritized appliances like air conditioners and refrigerators. This reduced demand caused an inventory build-up. However, summer sales at online channels, good harvest and aggressive promotions towards the end of the quarter provided relief to OEMs, helping close the quarter on a better note than at the beginning.

During the quarter, Xiaomi reclaimed the top spot with a 23% YoY growth in its shipments, driven by a streamlined and focused portfolio that spans from the entry-level to affordable premium segments. To further solidify its position, the company employed a strategy to push flagship handsets, improve marketing and expand distribution channels.”

Commenting on the market’s value dynamics, Research Analyst Shubham Singh said, “In Q2 2024, India’s smartphone market achieved its highest ever Q2 value, driven by the ongoing trend of premiumization. Consumers continued to upgrade to higher-value smartphones, supported by better trade-in values and easy financing schemes. This resulted in a 24% YoY growth in the ultra-premium (>INR 45,000) segment.

Samsung led in value terms for the second consecutive quarter, capturing over one-fourth of the market. Its new Fold 6 series is expected to sustain this leadership. With the brand focusing on value over volume, its ultra-premium segment (>INR 45,000) grew by 99% YoY in Q2 2024. vivo took the second spot, driven by its higher-priced models like the V30 series with enhanced cameras.

Meanwhile, Apple ranked third in value terms. But it is expected to rebound in the next quarter, driven by the recent price cuts across the entire range of iPhones.”

Other key trends

• Nothing was the fastest growing brand in H1 2024, witnessing 567% YoY growth in shipments driven by the introduction of new models, including the mid-segment Phone (2a) and budget-segment CMF Phone 1.
• Motorola saw an 88% YoY growth in Q2 2024, driven by budget-friendly models with a focus on CMF (Color, Material, Finish).
• Xiaomi sub-brand POCO was the fastest growing brand in the INR 10,000-INR 15,000 (~$120-$180) segment with its 318% YoY growth driven by budget-friendly M-series 5G models.
• realme experienced a 2% YoY growth by expanding its portfolio with the launch of new P-series models and reintroducing the GT series.
• In Q2 2024, 5G smartphone shipments in India hit a record 77% share of the overall smartphone market, driven by their declining average selling prices (ASPs). OEMs are competing to launch cheaper 5G models, with Lava introducing the Yuva 5G during the quarter.
• MediaTek led India’s smartphone chipset market with a 54% share. Qualcomm led the premium segment with a 33% share.
• The INR 20,000-INR 30,000 (~$240-$360) and >INR 45,000 (>~$540) price bands saw the fastest growth at 25% and 24% YoY respectively.

Notes:

• Revenue (value) is based on retail market price.
• Numbers are preliminary, and the revenue figures for Indian smartphone OEM shipments mentioned in this release do not reflect the actual revenue for some OEMs.

The comprehensive and in-depth ‘Q2 2024 India Smartphone Tracker’ is available for subscribing clients. 

Feel free to contact us at [email protected] for questions regarding our latest research and insights.

The Market Monitor research relies on sell-in (shipments) estimates based on vendors’ IR results and vendor polling, triangulated with sell-through (sales), supply chain checks and secondary research.

You can also visit our Data Section (updated quarterly) to view the smartphone market shares for World, US, China and India.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

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