Apple continues to dominate the premium smartphone segment in India as the country’s smartphone market experiences significant growth in the first quarter of 2024. According to a recent report by Counterpoint, smartphone shipments in India saw an increase of eight per cent in volume and 18 per cent in value compared to the same period last year.
The surge in smartphone value was largely driven by the trend of premiumisation, with the launch of new models like the Samsung Galaxy S24 and OnePlus 12 series contributing to the overall growth. In Q1 2024, the premium segment, which includes smartphones priced above Rs 30,000, captured its highest-ever volume share at 20 per cent and accounted for 51 per cent of the total market value.
Shilpi Jain, Senior Research Analyst at Counterpoint Research, highlighted that the Indian smartphone market achieved its highest-ever Q1 value during the quarter. This increase was fueled by consumers upgrading to higher-value smartphones across various price ranges, supported by factors such as accessible financing, trade-in incentives, bundled packages, and the demand for advanced features like AI, gaming, and enhanced imaging.
Apple saw a remarkable quarter in India, securing a strong position in both the volume and value aspects of the premium segment, largely driven by the success of the latest iPhone 15 series. Meanwhile, Samsung led the market in terms of value, capturing a one-fourth share and achieving a record-high average selling price of approximately $425.
Vivo, a Chinese handset maker, claimed the top spot by volume for the first time, with a 19 per cent share driven by its leadership in 5G technology and focus on Colour, Material, Finish (CMF) positioning and impressive imaging capabilities. Major OEMs focused on expanding their channel strategies during the quarter, leading to increased shipments through offline channels and inventory accumulation by the end of the quarter.
