Another key takeaway was that India's smartphone market hit its highest ever Q2 value, driven by the ongoing trend of premiumisation."India's smartphone shipments fell 2% YoY in
The decline was influenced by a heatwave, a seasonal slump, and slower demand from Q1 2024."In response,
On the market's volume dynamics, Senior Research Analyst Shilpi Jain explained that heatwave conditions in various regions led to lower footfalls in offline channels and delayed smartphone purchases as consumers prioritised appliances like air-conditioners and refrigerators. This reduced demand led to an inventory build-up. However, summer sales at online channels, good harvest and aggressive promotions towards the end of the quarter provided relief to OEMs, helping close the quarter on a better note than at the beginning.
"During the quarter, Xiaomi reclaimed the top spot with a 23% YoY growth in its shipments, driven by a streamlined and focused portfolio that spans from the entry-level to affordable premium segments," Counterpoint said.
Xiaomi reclaimed the top spot with an 18.9% shipment share, and Vivo followed closely with 18.8% share. On value dynamics, Research Analyst Shubham Singh said "In Q2 2024, India's smartphone market achieved its highest ever Q2 value, driven by the ongoing trend of premiumisation."
Consumers continued to upgrade to higher-value smartphones, supported by better trade-in values and easy financing schemes. This resulted in a 24% YoY growth in the ultra-premium (over Rs 45,000) segment.
Samsung led the market in terms of value with a 25% share, followed by Vivo and
"Meanwhile, Apple ranked third in value terms. But it is expected to rebound in the next quarter, driven by the recent price cuts across the entire range of iPhones," Singh said.