Indian Smartphone Market Sees Shipment Decline in Q1
A new report from Counterpoint Research (CR) indicates a challenging period for the Indian smartphone market during the first quarter of 2024. Total shipments decreased by 3% compared to the first quarter of 2023, marking the weakest quarter in six years. Vivo maintained its position as the leading smartphone brand, capturing 20.8% of the market share.
Samsung followed closely with 17.4%, while Oppo held 13.6% and Realme accounted for 8.9%. Apple secured 9% of the market, with Xiaomi at 7.9%, Poco at 4.2%, iQOO at 2.6%, and OnePlus at 1.8%. Notably, the Nothing brand, including its CMF sub-brand, experienced substantial growth, increasing by 47%.
Furthermore, Google demonstrated significant growth within the premium segment (above 45,000 INR), rising by 39%. Despite this growth, neither Google nor Nothing achieved a top-five position in the overall market. Oppo was the fastest-growing brand within the top five, increasing its market share by 8% year-on-year.
The overall smartphone market continues to reflect evolving consumer preferences and competitive dynamics within the Indian market.
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This decline highlights a significant shift in consumer behavior and economic pressures within the Indian smartphone market.
What factors contributed to this decline in smartphone shipments in India?