Indian smartphone market grows 7.2%, reaching 69 million in the first half of 2024

In the first half of 2024, India’s smartphone market shipped 69 million units, reflecting a 7.2% YoY growth. The second quarter of CY24 saw shipments of 35 million smartphones, marking a 3.2% YoY increase, according to the International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker. Despite this being the fourth consecutive quarter of YoY growth, muted consumer demand and rising average selling prices (ASPs) limit a swift annual recovery. Senior Research Manager at IDC India, Ms. Upasana Joshi, noted that the latter part of the second quarter is crucial, with festive sales expected to drive demand from mid-quarter onwards, including launches of new smartphones, particularly in the mid-premium and premium segments.

IDC reported a 2.8% YoY increase in smartphone ASPs, though they fell 5.6% QoQ to US$ 248. The entry-premium (US$ 200– US$ 400) segment saw the most growth, rising to 30% of the market share and registering a 42% YoY increase. Apple and Samsung led the premium segment, with the entry-premium segment showing significant gains. The super-premium segment (US$ 800+) grew 22%, reaching a 7% market share. Apple dominated this segment with an 83% share, followed by Samsung at 16%. The mid-premium (US$ 400– US$ 600) and premium (US$ 600– US$ 800) segments declined, with the mid-premium segment shrinking by 25% and the premium segment by 37%. In the mass budget (US$ 100– US$ 200) segment, shipments grew by 8% YoY, holding a 44% market share. The 5G smartphone segment saw significant growth, with 27 million units shipped in the second quarter of 2024, accounting for 77% of total shipments. Shipments to online channels grew by 8% YoY, reaching 50% of the market. In comparison, offline shipments declined by 2% YoY due to adverse weather conditions.

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