30-Dec-2024, 02:08 PM
In the third quarter of 2024, India’s smartphone industry achieved a remarkable milestone, reaching its highest-ever market value, driven predominantly by the surge in 5G device shipments. According to data from Counterpoint Research, the market’s value increased by 12% year-over-year, culminating in a record high for a single quarter. This growth trajectory reflects a broader trend of premiumization within the smartphone segment, as consumers increasingly opt for advanced devices.
During this period, India saw smartphone shipments grow by 3% year-over-year, totaling approximately 46 million units. Notably, **5G smartphones accounted for an impressive 83% of all shipments, which is a significant rise from 57% in the same quarter the previous year. This shift towards 5G devices is attributed to several factors, including a decline in the average selling price (ASP) of these smartphones, which dropped by 20% to around $292 (approximately ₹24,650). The affordability and availability of new 5G models have played a critical role in driving consumer demand.
Vivo emerged as the leader in the Indian smartphone market during Q3 2024, capturing a 19% share of shipments. Following closely were Xiaomi and Samsung, with shares of 17% and 12.3%, respectively. Apple also made significant strides, achieving its highest quarterly shipments in India at 4 million units, primarily driven by the popularity of the iPhone 15 and iPhone 13 models.
The overall growth in the smartphone market was further fueled by attractive promotional offers, including discounts and financing options that made high-end devices more accessible to consumers. The online sales channel saw an increase of 8% year-over-year, accounting for 51% of total shipments, while offline sales also experienced a modest growth of 3%.
This record-setting performance underscores India’s position as one of the largest smartphone markets globally, reflecting not only increased consumer spending but also a growing preference for technologically advanced devices. As manufacturers continue to innovate and expand their 5G offerings, the Indian smartphone market is poised for sustained growth in the coming quarters.
In summary, Q3 2024 marked a pivotal moment for India’s smartphone industry as it reached unprecedented value levels, driven largely by the dominance of 5G devices and changing consumer preferences towards premium products.
