India Smartphone Market’s Revenue Hits All-time High in 2024, Volume Growth Remains Stable

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Jan 30, 2025
  • The Indian smartphone market’s Revenue on the basis of the wholesale price rose 9% YoY in 2024 to reach a record high.
  • Apple led the market in terms of value for the second successive year and ranked among the top 5 in terms of volume for the first time in Q4 2024.
  • vivo led the market in terms of volume for the first time in FY2024.
  • Three out of four smartphones shipped in 2024 were 5G capable.
  • The iPhone 15 emerged as the highest-shipped device in Q4 2024, highlighting strong consumer demand.


New Delhi, Beijing, Boston, Buenos Aires, Hong Kong, London, San Diego, Seoul – January 30, 2025

The Indian smartphone market’s wholesale revenue rose 9% YoY to hit a record high in 2024, according to Counterpoint's Monthly India Smartphone Tracker. Smartphone shipments grew 1% YoY in 2024, reaching 153 million units. 2024 began on a positive note, with early growth, steady inventory levels and a favorable market outlook. However, momentum slowed as the year progressed due to softened consumer demand and macroeconomic pressures. Value premiumization trends remained strong, driving the overall market to record its highest-ever revenue.

Commenting on the market dynamics, Senior Research Analyst Shilpi Jain said, “India’s smartphone market is showing signs of maturity, with stable volumes affected by low entry of new users into the ecosystem. Replacement cycles are increasing as entry- and mid-range devices continue to improve each year. At the same time, there is a shift toward higher-priced devices, with shipments of premium segment devices (>INR 30,000) growing by double-digit percentages, driving a 9% YoY growth in wholesale value – the highest ever recorded.”

Jain added, “Consumer preference for premium smartphones is accelerating, driven by accessibility and affordability through trade-in programs and flexible financing options, turning consumer aspirations into reality. However, overall shipment growth remained marginal due to inflationary pressures, which significantly impacted the entry-level segment (sub-INR 10,000), resulting in a one-third decline. Looking ahead, market volumes in 2025 are expected to grow in single-digit percentage, while value is projected to reach another all-time high, with premiumization continuing as the key driver.

A screenshot of a graph

Commenting on the competition dynamics, Research Analyst Shubham Singh said, “vivo emerged as the market leader for the first time, growing 16% YoY, aided by a robust offline network and supported by its sub-brand iQOO. Xiaomi secured the second spot, returning to growth with a 6% YoY increase in shipments after seeing declines in 2022 and 2023. Samsung slipped to third, as its value-driven strategies led to a reduced position in lower price bands, impacting overall shipments. However, Samsung’s premium devices continued to perform well, particularly its S series, which helped the brand gain share in the premium segment.

“OPPO fell to fourth place with a 10% YoY decline, primarily due to product and channel challenges in H1 2024. However, it regained momentum with a revamped product portfolio, including the K and A series. 2024 was another strong year for Apple, as it ranked among the top five in Q4 2024. The iPhone 15 became the highest-shipped device of the quarter, helping Apple achieve record shipments in a single quarter and ending the year with the highest market value share.

A screenshot of a graph

Singh continued, “However, India’s smartphone market slipped 4% YoY in Q4 2024 due to post-festive slumps, with OEMs focusing on clearing Q3 inventory. Meanwhile, the value grew by 5%, driven by demand for premium devices and new launches in December.

Other key insights

  • Nothing was the fastest-growing brand in 2024, achieving an impressive 577% YoY growth, driven by the 2a series and its sub-brand CMF.
  • Motorola continued its impressive run, growing 82% YoY in 2024 and doubling its shipments from that in 2022.
  • 5G smartphone shipment penetration reached 78% in 2024, thanks to the availability of 5G chipsets in entry-level smartphones.
  • MediaTek led India’s smartphone chipset market with its highest-ever 52% share, followed by Qualcomm at 25%.
  • Premium smartphones now account for one in five shipments in India asdemand for high-end features grows. With hardware differentiation narrowing, OEMs are leveraging GenAI to offer hyper-personalized experiences, intuitive UIs, and advanced audio-visual technologies like Dolby Vision and Dolby Atmos. As consumers spend more time on content consumption and an increase in content creation, they are looking for smartphones that offer high-quality media experiences.
  • Like other brands, realme's growing focus on offline channel expansion led its portfolio contribution towards offline shipments to reach 52% in 2024, up from 49% in 2023.
  • In the feature phone space, itel led the market with a 32% share in 2024. The brand’s strong distribution network in tier-2 and beyond cities helped it retain the top spot.


Notes

  • Revenue (value) is based on wholesale 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 ‘Q4 2024 India Smartphone Tracker’ is available for subscribing clients.

Feel free to contact us at press@counterpointresearch.com 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 alsovisit our Data Section(updated quarterly) to view the smartphone market shares for the World,US,China andIndia.

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Published

Jan 30, 2025

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