Insights into the Indian Smartphone Market for 2024
A recent study by Counterpoint Research unveils intriguing insights about the landscape of smartphones in India as we progress through 2024. Notably, Samsung has lost its long-held supremacy and now holds the third position in this competitive environment. In its stead, vivo has claimed the top spot with an impressive market share of 19%, while Xiaomi closely trails behind at 17%.
Market Performance and Trends
This year has seen a surge in wholesale revenue, climbing by 9%, even though overall shipments have seen only a modest increase of 1%, culminating in a total of 153 million units sold. A significant highlight is that shipments of 5G-enabled devices accounted for an astonishing 78%—indicating that nearly four out of five smartphones sold are equipped for next-generation connectivity.
The Rise of vivo and Xiaomi’s Strategy Shift
vivo’s ascension to leadership can be attributed to its extensive offline distribution network, further bolstered by its sub-brand iQOO. Meanwhile, Xiaomi surpassed Samsung by capitalizing on affordable smartphone options during a time when Samsung pivoted towards enhancing its Galaxy S series offerings—this strategic shift inadvertently led to decreased sales figures within the budget segment.
Apple’s Continued Dominance
Apple remains unchallenged when it comes to market value leadership within India. The iPhone 15 emerged as the highest-shipped device during Q4 of this year, solidifying Apple’s stronghold over premium consumers in this sector.
The Surging Growth of Nothing Technology
This year marked remarkable growth for Nothing Technology, whose trajectory soared with an astounding growth rate of 577%. This surge can be largely linked to robust sales from its Phone (2a) model and the introduction of their new CMF sub-brand.
Chipset Competition: MediaTek vs Qualcomm
The battle among chipset manufacturers reveals MediaTek surpassing Qualcomm with a significant market share—MediaTek commands an impressive 52% compared to Qualcomm’s contributions at only 25%. This achievement marks a milestone for MediaTek as they continue expanding their influence across various device categories.
Source: Counterpoint Research Report
