India’s smartphone shipments increased by 3% YoY in Q3 2024 (July-September), while its value surged by an impressive 12% YoY to reach an all-time record for a single quarter, according to the latest report from Counterpoint Research.
Indian Smartphone Market Shipments Q3 2024
Samsung is leading the market in terms of value with a 23% share, all thanks to its flagship Galaxy S series and Galaxy AI features. Apple closely follows Samsung at the No. 2 spot with a 22% value share, attributed to its penetration into smaller cities. Indian market’s value growth is strongly driven by an ongoing premiumization trend which is supported by aggressive EMI offers and trade-ins.
In terms of volume share, vivo regained its top position with 19.4% share, showcasing 26% YoY growth. Xiaomi claimed the second position with a 3% YoY growth, driven by its balanced focus across both online and offline channels. Interestingly, OPPO emerged as the fastest-growing brand among the top five with an impressive YoY growth of 41%.
Nothing remains the fastest-growing brand for the third successive quarter, recording an impressive 510% YoY growth in shipments in Q3 2024. Motorola saw an 87% YoY growth, attributed to budget-friendly models and a focus on CMF (Color, Material, Finish) design elements.
5G Adoption
In Q3 2024, 5G smartphone shipments reached a record 81% of the total market share. In the Rs. 10,001-Rs. 15,000 segment, 5G penetration reached 93%. This growth was driven by decreasing average selling prices (ASPs), with OEMs launching more affordable 5G models.
Commenting on the market’s value dynamics, Senior Research Analyst Prachir Singh said,
The market is increasingly shifting toward value growth, fueled by a premiumization trend, which, in turn, is supported by aggressive EMI offers and trade-ins. Samsung currently leads the market in terms of value with a 23% share. The brand has been prioritizing its flagship Galaxy S series and enhancing its value-driven portfolio. Samsung 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.
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 both online and offline channels. With 41% YoY growth, OPPO emerged as the fastest-growing brand among the top five. The brand was supported by new product launches and an aggressive market strategy.