Fueled by premium devices and festive buzz, India’s smartphone market skyrocketed with a 3% volume boost and a 12% value surge in Q3 2024.
India’s smartphone market experienced a 3% year-on-year (YoY) growth in volume during Q3 2024 (July-September), while the market value surged by an impressive 12% YoY, reaching a record high for a single quarter, according to a Counterpoint report.
The report stated that a continuing trend toward premium devices drove this value increase. At the same time, the volume growth was attributed to an earlier start to the festive season compared to 2023. Besides, original equipment manufacturers (OEMs) stocked retailers to prepare for anticipated sales spikes during the festive period, although sales initially picked up more slowly than the previous year.
According to Senior Research Analyst Prachir Singh at Counterpoint, the market increasingly focuses on value growth, spurred by premiumisation, aggressive EMI offers, and trade-in programmes.
Samsung led the market in value share at 23%, focusing on its flagship Galaxy S series and expanding its value-driven offerings. The company also incorporates Galaxy AI features into its mid-range and affordable premium A series models, encouraging consumers to move to higher price tiers.
Apple holds a 22% value share, focusing on smaller cities and promoting newer iPhone models. Strong shipments of the iPhone 15 and 16 have enhanced its appeal, reinforcing its status as the top choice for premium consumers in India.
Commenting on the market’s volume dynamics, Research Analyst Shubham Singh said, “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.”
vivo maintained healthy inventory levels throughout the year, and this helped it reclaim the top spot in the Indian smartphone market with 26% YoY growth, supported by a diverse product portfolio and the successful expansion of its T series.
Xiaomi claimed the second position with a 3% YoY growth, driven by its balanced focus across online and offline channels. With 41% YoY growth, OPPO emerged as the fastest-growing brand among the top five. As per the report, the brand was supported by new product launches and an aggressive market strategy.
Nothing emerged as the fastest-growing brand for the third consecutive quarter, achieving a remarkable 510% YoY shipment increase in Q3 2024 and breaking into the top 10 for the first time. This growth was supported by expanding its product portfolio, strategic market entry, and partnerships with over 800 multi-brand outlets across more than 45 cities.
Motorola also experienced substantial growth, with an 87% year-on-year increase in Q3 2024, driven by the popularity of its budget-friendly models that emphasize color, material, and finish (CMF), as well as rising demand from smaller cities and an expanding market presence.
In 3Q24, 5G smartphones reached an all-time high, accounting for 81% of total shipments. In the INR 10,001 to INR 15,000 price segment (~$120-$240), 5G penetration soared to 93% as brands concentrated on launching budget-friendly 5G models.
The report anticipates a significant rise in audio-visual enhancements in smartphones, spurred by features like Dolby Atmos for immersive sound, Dolby Vision for enhanced visual clarity, and Dolby Vision recording for high dynamic range content.
MediaTek led India’s smartphone chipset market with a 54% share, while Apple topped the premium segment at 35%, followed by Qualcomm at 28%. In feature phones, itel retained a 36% market share, aided by competitive pricing, followed by Lava at 26%.
