Indian smartphone market value surges 12% in Q3 CY2024: Counterpoint

Samsung, prioritising its flagship Galaxy S series and enhancing its value-driven portfolio, led the market by value with a 23 per cent share

India’s smartphone market grew by three per cent year-on-year (YoY) in volume in the third quarter (Q3) of calendar year 2024, while its value surged by 12 per cent YoY to reach an all-time record for a single quarter, according to a report by research firm Counterpoint.

 

The value growth was driven by an ongoing premiumisation trend, while the increase in volume was driven by an earlier onset of the festival season compared to the previous year.

 

Original equipment manufacturers (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 last year, the report said.

   

During the quarter, 5G smartphones achieved their highest-ever share of 81 per cent in overall shipments, which went up to 93 per cent in the Rs 10,000-15,000 (around $120-240) segment.

 

“The market is increasingly shifting toward value growth, fueled by a premiumisation trend, which, in turn, is supported by aggressive EMI offers and trade-ins,” said Prachir Singh, senior research analyst at Counterpoint.

 

Samsung – which has been prioritising its flagship Galaxy S series and enhancing its value-driven portfolio – lead the market in terms of value with a 23 per cent share. The brand 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 trailed closely behind its Korean rival with a 22 per cent share by value, while aggressively expanding into smaller cities. Strong shipments of the iPhone 15 and iPhone 16 ahead of the festive season enhanced Apple's performance.

 

“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,” said Research Analyst Shubham Singh.

 

Vivo maintained healthy inventory levels throughout the year, which helped it reclaim the top spot in the Indian smartphone market by volume with 26 per cent YoY growth.

 

Xiaomi claimed the second position with a three per cent YoY growth, driven by its balanced focus across both online and offline channels. With 41 per cent YoY growth, Oppo emerged as the fastest-growing brand among the top five.

 

Meanwhile, newcomer Nothing became was the fastest-growing brand for the third successive quarter, recording an impressive 510 per cent YoY growth in Q3 shipments and entering the top 10 for the first time.

 

Homegrown smartphone maker Motorola, on the other hand, recorded 87 per cent YoY growth in the quarter, fueled by the success of budget-friendly models with a focus on CMF (colour, material, finish), rising demand from smaller cities and its expanding market footprint.