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Indian Smartphone Market Records 15% Growth in Q1 2024: Canalys

Published on 22 Apr, 2024, 4:57 AM IST
Updated on 16 May, 2024, 7:06 PM IST
Sahil Mohan Gupta
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Samsung retains its top spot in the Indian market with 19% market share

The Indian smartphone market has demonstrated strong growth in the first quarter of 2024, with a year-on-year increase of 15%, reaching 35.3 million units, according to the latest report by research firm Canalys. The growth is attributed to a low baseline in 2023, which was impacted by inflationary pressures and high smartphone prices.

Sanyam Chaurasia, a senior analyst at Canalys, stated, "While most brands achieved double-digit growth in Q1, brands outside the top 5 continue to challenge the market share of leading players."

Chaurasia also noted that vendors' price correction and promotional strategies towards the end of Q4 2023 helped manage inventory in Q1, with brands leveraging promotions during Republic Day sales in January to push their latest offerings.

Samsung reclaimed its position as the top smartphone seller in India during the first quarter, capturing a 19% market share with 6.7 million units shipped. Xiaomi followed closely at number 2 with 6.4 million units, boosted by its embrace of 5G technology in its low-end portfolio. Vivo secured the third spot with 6.2 million units shipped, while Oppo and Realme completed the top 5 with 3.7 million and 3.4 million units, respectively.

Commenting on the performance of individual brands, Chaurasia said, "Samsung's latest flagship, Galaxy S24, had a stronger volume than its predecessor, owing to lucrative pre-booking offers on upgrade value, Samsung Finance+, and extensive AI features marketing. Xiaomi saw a robust Q1 resurgence fueled by the Redmi 13C 5G and Redmi Note 13 5G series, along with POCO's early launch of the X6 series. OPPO saw a modest decline, having streamlined its portfolio with fewer new releases in the mid-high price ranges."

Mass-market brands are focusing on value-driven strategies as demand in traditionally high-volume categories has been slow. Consequently, brands like Xiaomi, Vivo, and Oppo have launched new models of lower-end devices at higher price points compared to previous generations while enhancing their premium features and offering wider financing options.

Outside the top 5, Apple, Motorola, and Infinix all achieved double-digit growth, narrowing the market share gap with leading players. "Out of the top 5 – Motorola, Infinix, and Apple achieved high double-digit growth, narrowing the market share gap from top players. Apple's growth was driven by its cash cow, the iPhone 15 model, which received multiple price cuts and promotional deals on the e-commerce platform," Chaurasia explained.

The Canalys report includes Poco's sales figures in Xiaomi's numbers but does not account for OnePlus in Oppo's figures.

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