The Indian smartphone market has experienced a notable rebound, with a total of 35.3 million units sold in the first quarter of 2024. This represents a 15% year-on-year growth, as reported by leading market research firm Canalys.
Although the growth rate may seem significant, it can be attributed to a lower sales base in the same period last year. The first quarter of 2023 was plagued by inventory pileup, inflationary pressures, and weakened demand. However, the situation has improved this year, thanks to price corrections and effective promotional strategies implemented by brands towards the end of 2023.
Samsung continues to lead the market, shipping 6.7 million units and capturing a 19% market share. Xiaomi and Vivo closely follow, each with an 18% market share. Oppo and Realme complete the top five with 13% and 9% market share respectively.
While Samsung maintained its momentum with strong sales of its premium flagship devices, Xiaomi experienced a resurgence driven by its budget-friendly Redmi phones and the early launch of its popular X6 series under the sub-brand Poco.
While the top five brands saw positive growth, other players outside of this group continue to challenge their market share. Motorola, Infinix, and Apple achieved high double-digit growth, narrowing the gap between themselves and the leading players.
Apple’s growth was primarily fueled by the success of its iPhone 15 model, which received multiple price cuts and promotional deals on e-commerce platforms. The mass-market segment, however, experienced sluggish demand, prompting brands to prioritize value-driven strategies.
Looking ahead, the Indian smartphone market faces potential challenges, including rising operational pressures, higher component costs, and the government’s push for localization. Vendors will need to focus on restructuring local distribution channels, leveraging local manufacturing partners, and appointing Indian leadership to adapt to these changing market dynamics.
Despite these challenges, the growth drivers for the smartphone market in India this year are expected to be 5G upgrades and the premiumization of devices. As consumers seek the latest technology and enhanced features, brands will need to continue offering competitive pricing and financing options to capture the premium segment of the market.
The Indian smartphone market is a highly competitive industry that has experienced a notable rebound in recent years. According to leading market research firm Canalys, the market saw a 15% year-on-year growth in the first quarter of 2024, with a total of 35.3 million units sold. This growth can be attributed to a lower sales base in the same period last year, which was plagued by inventory pileup, inflationary pressures, and weakened demand.
In terms of market share, Samsung continues to lead the market, shipping 6.7 million units and capturing a 19% market share. Xiaomi and Vivo closely follow, each with an 18% market share. Oppo and Realme complete the top five with 13% and 9% market share respectively. While Samsung maintained its momentum with strong sales of its premium flagship devices, Xiaomi experienced a resurgence driven by its budget-friendly Redmi phones and the early launch of its popular X6 series under the sub-brand Poco.
While the top five brands saw positive growth, other players outside of this group continue to challenge their market share. Motorola, Infinix, and Apple achieved high double-digit growth, narrowing the gap between themselves and the leading players. Apple’s growth was primarily fueled by the success of its iPhone 15 model, which received multiple price cuts and promotional deals on e-commerce platforms. However, the mass-market segment experienced sluggish demand, prompting brands to prioritize value-driven strategies.
Looking ahead, the Indian smartphone market faces potential challenges. Rising operational pressures, higher component costs, and the government’s push for localization are among the issues that vendors need to address. To adapt to these changing market dynamics, vendors will need to focus on restructuring local distribution channels, leveraging local manufacturing partners, and appointing Indian leadership. These strategies will help brands navigate the challenges and maintain a strong presence in the Indian smartphone market.
Despite the challenges, there are growth drivers for the smartphone market in India. 5G upgrades and the premiumization of devices are expected to be the key factors. As consumers seek the latest technology and enhanced features, brands will need to continue offering competitive pricing and financing options to capture the premium segment of the market. This will enable them to meet the demands of tech-savvy consumers and stay ahead in the rapidly evolving Indian smartphone market.
For more information on the Indian smartphone market, you can visit the Canalys website here.
The source of the article is from the blog oinegro.com.br