India's premium smartphone segment grows 112%; now among Apple's top five smartphone markets
- IBEF
- August 1, 2023
According to a report by Counterpoint Research, India is now among Apple's top 5 markets globally as the iPhone maker continued to lead the ultra-premium segment US$ 548.52 (Rs. 45,000) and above with a 59% share in the second quarter of 2023.
The premium smartphone market in India climbed 112% year on year in April-June and now accounts for a record 17% of total shipments. With an 18% share of the overall Indian smartphone market, Samsung maintained its lead for the third consecutive quarter. After one year, the South Korean brand surpassed Apple to reclaim first place in the luxury smartphone sector at US$ 365.68 (Rs. 30,000) and above with a 34% share.
Research Analyst Mr. Shubham Singh stated that “However, Apple continued to lead the ultra-premium segment with a 59% share. India is now among Apple's top-five markets.”
Vivo retained its second place and was the only brand in the top five that experienced an annual increase. With a 68% YoY growth, OnePlus was the fastest-growing brand in India's smartphone market in Q2.
Senior Research Analyst, Ms. Shilpi Jain noted that “In Q2, OEMs saw improvement in the inventory and demand situation ahead of the coming festive season. Aggressive measures were implemented by OEMs as well as channels during the quarter to clear existing inventory through multiple sales and promotions.” She further added that “We believe brands will be coming up with interesting launches and offers to lure consumers during the festive season and 5G will be a big growth driver here”.
Vivo's strong offline presence, expansion of sub-brand iQOO online, and many launches across pricing tiers aided this growth. With a 21% market share, OPPO emerged as the leading brand in the upper mid-tier category (US$ 243.79 (Rs. 20,000)- US$ 365.68 (Rs. 30,000)).
In Q2, 5G smartphone shipments in India surpassed 100 million for the first time, as 5G upgrades accelerated due to the expansion of 5G networks and the availability of low-cost smartphones.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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