• In Q3 2024, India’s smartphone market achieved its highest-ever value, driven by the ongoing trend of premiumization.

• Samsung led the market in terms of value with a 23% share, followed by Apple with a 22% share.

• vivo reclaimed the top spot with a 19% shipment share, followed by Xiaomi with 17%.

• 5G smartphones captured their highest-ever share of 81% in the overall shipments.

New Delhi, Beijing, Buenos Aires, Fort Collins, Hong Kong, London, Seoul, Taipei, Tokyo – October 30, 2024

India’s smartphone volume grew by 3% YoY in Q3 2024 (July-September), while its value surged by an impressive 12% YoY to reach an all-time record for a single quarter, according to preliminary numbers from Counterpoint’s Monthly India Smartphone Tracker. The value growth was driven by an ongoing premiumization trend while the volume growth was driven by the earlier onset of the festive season when compared to 2023. OEMs proactively filled channels, ensuring that retailers were well-prepared for the expected surge in sales during the festive season. However, festive sales started at a slower pace compared to the last year.

Commenting on the market’s value dynamics, Senior Research Analyst Prachir Singh said, “The market is increasingly shifting toward value growth, fueled by a premiumization trend, which, in turn, is supported by aggressive EMI offers and trade-ins. Samsung currently leads the market in terms of value with a 23% share. The brand has been prioritizing its flagship Galaxy S series and enhancing its value-driven portfolio. Samsung is also integrating Galaxy AI features into its mid-range and affordable premium models in the A series, encouraging consumers to upgrade to higher price segments.

Apple closely follows Samsung at the No. 2 spot with a 22% value share. The brand has aggressively expanded into smaller cities, driving significant value growth with an increased focus on newer iPhones. Strong shipments of the iPhone 15 and iPhone 16 ahead of the festive season have further enhanced Apple's performance. As consumers increasingly invest in premium smartphones, Apple has cemented its status as the top choice for premium buyers in India, supported by its aspirational image and expanding footprint.”

Commenting on the market’s volume dynamics, Research Analyst Shubham Singh said, “During Q3 2024, several sales events were hosted by both OEMs and channels. These included parallel offline campaigns, which helped some of the OEMs clear existing inventory. This, in turn, enabled them to fill channels with multiple new launches ahead of the festive season. vivo maintained healthy inventory levels throughout the year, and this helped it reclaim the top spot in the Indian smartphone market with 26% YoY growth, supported by a diverse product portfolio and the successful expansion of its T series. Xiaomi claimed the second position with a 3% YoY growth, driven by its balanced focus across both online and offline channels. With 41% YoY growth, OPPO emerged as the fastest-growing brand among the top five. The brand was supported by new product launches and an aggressive market strategy.”

Other key trends

• Nothing was the fastest-growing brand for the third successive quarter, recording an impressive 510% YoY growth in shipments in Q3 2024 and entering the top 10 for the first time. This growth was fueled by portfolio expansion, strategic market penetration, and partnerships with over 800 multi-brand outlets across more than 45 cities.
• Motorola recorded 87% YoY growth in Q3 2024, fueled by the success of budget-friendly models with a focus on CMF (color, material, finish), rising demand from smaller cities and its expanding market footprint.
• 5G smartphones achieved their highest-ever share of 81% in overall shipments. In the INR 10,001-INR 15,000 segment (~$120-$240), 5G penetration reached 93%, with brands focusing on introducing 5G models in the budget segment.
• We expect a significant upward trend in audio-visual enhancements in smartphones, driven by features like Dolby Atmos for immersive sound, Dolby Vision for superior visual clarity and Dolby Vision recording for high dynamic range content.
• MediaTek led India’s smartphone chipset market with a 54% share. Apple led the premium segment with a 35% share, followed by Qualcomm with a 28% share.
• Within the realme portfolio, the contribution of the premium price band (>INR 30,000,~$360) increased to 6% in Q3 2024, driven by the reintroduction of the GT series this year.
• itel led the feature phone segment with a 36% share, driven by affordable pricing and a strong distribution network. itel was followed by Lava with a 26% share.

Notes:

• Revenue (value) is based on retail market price.

• Numbers are preliminary and include B2B shipments for OEMs. The revenue figures for Indian smartphone OEMs’ shipments mentioned in this release do not reflect the actual revenue for some OEMs

The comprehensive and in-depth ‘Q3 2024 India Smartphone Tracker’ is available for subscribing clients.

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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.

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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