Indian Smartphone Market Stabilizes in Q3 2023; Apple Hits Record High

India's smartphone shipments remained flat in the third quarter (July-September) of 2023, ending almost a year of decline. However, the market is showing early signs of recovery ahead of the festive season, according to market research firm Counterpoint.

Apple was in a bright spot, recording its highest-ever quarterly shipments in India at over 2.5 million units, a 34% year-on-year growth. Samsung maintained its leading position with 17.2% market share, closely followed by Xiaomi at 16.6%. Strong sales of the Redmi 12 series and aggressive offline expansion drove Xiaomi's growth.

Commenting on the competitive landscape, Counterpoint Research Analyst Shubham Singh said, "Premiumization has started in the world's second-largest smartphone market and Apple has again got the timing right to benefit from this trend through its devices and financing offers."

The share of 5G devices reached over 50% for the first time, boosted by OEMs targeting the INR 10,000-15,000 segment. Vivo retained 3rd position with 11% YoY growth due to strong offline presence and focus on the mid-premium segment.

The ultra-premium segment (above INR 45,000) grew 44% YoY, driven by easy financing schemes, incentive programs and growing consumer aspirations. Foldable phones are also gaining traction in this segment as more OEMs enter the space.

The share of 4G feature phones increased to 32% following Jio's Bharat 2 phone launch. Nokia, Motorola, Realme and Google were among other brands that grew annually.

Overall, India's smartphone market shows signs of gradual recovery after a year-long slump, aided by the strong performance of brands like Apple, Samsung, Xiaomi and Vivo. The festive quarter is expected to boost consumer demand across price tiers further.