India’s smartphone shipments fell by 2% year-on-year in the first quarter of the financial year 2024-25, according to Counterpoint’s Monthly India Smartphone Tracker. The decline was attributed to a heatwave, a seasonal slump, and slower demand.
India Smartphone Market Dips 2 per cent in Q1
Senior Research Analyst Shilpi Jain commented on the market’s volume dynamics, noting that reduced demand led to an inventory build-up. “Heatwave conditions in various regions resulted in lower footfalls in offline channels and delayed smartphone purchases as consumers prioritized appliances like air conditioners and refrigerators. This reduced demand caused an inventory build-up. However, summer sales at online channels, good harvest, and aggressive promotions towards the end of the quarter provided relief to OEMs, helping close the quarter on a better note than at the beginning,” Jain added.
The research also indicated that Xiaomi reclaimed the top spot in volume share, while Samsung led in terms of value. Samsung consolidated its leadership in India’s smartphone market by securing a 25% value market share in the quarter ended June 2024, marking the second consecutive quarter it led in value terms.
Fold 6 series, India Smartphone Market Dips 2 per cent in Q1
Samsung’s new Fold 6 series is expected to sustain this leadership. With the brand focusing on value over volume, its ultra-premium segment (>INR 45,000) grew by 99% YoY in Q2 2024,” Counterpoint Research stated.
Counterpoint also reported that India’s smartphone market achieved its highest-ever Q2 value, driven by the ongoing trend of premiumization. Consumers continued to upgrade to higher-value smartphones, supported by better trade-in values and easy financing schemes. “This resulted in a 24% YoY growth in the ultra-premium (>INR 45,000) segment,” said Shubham Singh, Research Analyst with Counterpoint Research. The Rs 20,000 – 30,000 and Rs 45,000+ price bands saw the fastest growth at 25% and 24% YoY, respectively.
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