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Indian smartphone market has reported an 8% year-on-year growth in Q1 2024. Vivo has emerged as the top smartphone maker in the country for the first time.- Over 70% of the smartphones sold in the country in Q1 2024 were 5G enabled.
According to a report by Counterpoint Research, the growth was driven by healthy inventory volumes and the low base in Q1 2023. Another reason for the boost in shipments was the premiumisation trend among customers, with the launch of the$4 and the$4.
Chinese smartphone maker Vivo has emerged as the top smartphone maker in terms of market share, for the first time ever. The company reported a market share of 19.2% in Q1 2024, up from 17.5% in Q1 2023.
According to analysts, the company’s 5G offerings and focus on aspects such as colour, material and finish and focus on the device’s cameras helped the company reach the top spot.
Source: Counterpoint Research
Xiaomi reported good growth in shipments in Q1 2024, with a 28% year-on-year growth in shipments. The company’s market share increased from 15.8% in Q1 2023 to 18.8% in Q1 2024. The company was able to take the second spot in shipments due to a leaner and streamlined product portfolio and aggressive selling in the offline market.
Samsung, which was at the top spot in Q1 2023 has been pushed down to the third spot. The company’s market share declined from 20.3% in Q1 2023 to 17.5% in Q1 2024.
Oppo and Realme retained the fourth and fifth spot respectively, despite a decline in Oppo’s shipments.
Oppo’s market share declined from 12% in Q1 2023 to 10.1% in Q1 2024.
On the other hand, Realme reported an 18% year-on-year growth to increase its market share from 9.1% in Q1 2023 to 9.9% in Q1 2024. This was fueled by the Realme 12 series, which focuses on the design and camera capabilities.
Carl Pei-led Nothing reported the highest year-on-year growth in shipments at 144%, led by the popularity of the Nothing Phone (2a), the company’s latest affordable smartphone.
Similarly, Motorola reported a growth of 58% year-on-year in Q1 2024 with customers focusing on smartphones offering good design and a near-stock Android experience.
Source: Counterpoint Research
While Samsung has been relegated to the third spot, the company grabbed the top spot in terms of market value share, meaning it received the most money. This was driven by the company recording its best-ever average selling price (ASP) in India at $425 (approx. ₹35,500).
The increase in its ASP was due to the Galaxy S24 series and the company’s offerings in the Galaxy A series, which helped the company lead the above ₹20,000 segment.
Samsung’s share in market value increased from 23% in Q1 2023 to 25% in Q1 2024.
While Apple was not part of the top 5 companies in terms of market share, it is in the second position in terms of market value due to its premium offerings. The company’s market value share in Q1 2024 is 19%, down from 22% in Q1 2023.
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Despite e-commerce portals like Amazon and Flipkart hosting sales and offering bank discounts, offline markets continue to rule the Indian smartphone market, recording their highest post-Covid share. In Q1 2024, offline markets contributed to 64% of smartphone shipments.
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