Indian Economy News

India's smartphone market is up 11.5%, Apple rules the super-premium segment

According to IDC's Quarterly Mobile Phone Tracker, India's smartphone market witnessed robust growth in the first quarter of FY24, shipping 34 million units, marking an 11.5% year-on-year increase. Despite this momentum, IDC forecasts a modest mid-single-digit growth for the entire year, citing challenges in attracting new users and managing the impact of the second-hand market. Mr. Navkendar Singh of IDC noted a shift in market dynamics, with smaller brands gaining ground as the market share of the top five brands decreased from 69% to 65% year-on-year. Vivo emerged as the top brand, surpassing Samsung, with a 16.2% market share alongside Xiaomi.

In terms of premium segments, the super-premium category (above US$ 800) experienced a remarkable 44% growth, with Apple leading at 69%, followed by Samsung at 31%. Notably, Apple's iPhone 14/15 series dominated this segment, constituting 64% of shipments. Additionally, the entry-premium segment (US$ 200 to US$ 400) expanded to a 23% share, fuelled by OPPO and Realme, which collectively captured nearly 30% of this segment.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.