The Indian smartphone market has achieved vital development for the fifth consecutive quarter, with shipments reaching 46 million items in Q3 2024. This marks a 5.6% year-over-year improve, in line with the IDC‘s Worldwide Quarterly Cell Telephone Tracker. Notably, Apple skilled its highest-ever quarterly shipments in India, delivering 4 million items throughout this era.
Indian Smartphone Market Sees Fifth Consecutive Development Quarter, Pushed by Reductions and 5G Demand
The sturdy development was primarily fueled by aggressive reductions, versatile financing choices, prolonged warranties, and cashback presents obtainable by each on-line and offline gross sales channels. These promotions made it simpler for customers to buy higher-end fashions, boosting demand throughout numerous worth segments.
The growing availability of 5G smartphones additionally performed a important function. Many customers opted for discounted flagship fashions from Apple and Samsung throughout main on-line gross sales occasions. Upasana Joshi, Senior Analysis Supervisor at IDC Asia Pacific, famous that new 5G mannequin launches considerably contributed to the demand surge, particularly within the flagship class.
Key Traits in Q3 2024
1. Rising Common Promoting Value (ASP):
The common promoting worth (ASP) of smartphones rose barely by 0.9% year-over-year and three.8% quarter-over-quarter, reaching $258. The uptick displays a shopper shift in direction of higher-priced fashions, pushed by higher financing choices and engaging promotions.
2. Development in Entry-Premium and Premium Segments:
The entry-premium phase ($200-$400) confirmed substantial development, with a 42% year-over-year improve. It now accounts for 28% of the entire market, up from 21% within the earlier yr. OPPO led this phase’s enlargement, whereas Samsung and vivo skilled a slight decline of their market share. Collectively, these three manufacturers maintain a 53% share of this phase.
The premium phase ($600-$800) noticed the very best development, surging by 86% year-over-year and capturing 4% of the entire market. Common fashions such because the iPhone 15, iPhone 13, Galaxy S23, and OnePlus 12 have been vital drivers. Apple elevated its market share to 71%, whereas Samsung’s share dropped to 19%, a decline from final yr’s 30%.
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3. Dominance of 5G Smartphones:
5G smartphones dominated the market, with 38 million items shipped in Q3 2024, accounting for 83% of whole smartphone shipments. It is a notable improve from 57% in Q3 2023. The common promoting worth of 5G units decreased by 20% year-over-year to $292, making them extra accessible. The price range 5G phase ($100-$200) captured a 50% market share, with widespread fashions like Xiaomi Redmi 13C, OPPO K12x, and vivo T3x gaining traction.
Channel Efficiency: On-line vs. Offline
On-line gross sales channels noticed an 8% year-over-year improve, making up 51% of whole shipments. Apple emerged because the second-largest participant within the on-line phase, pushed by sturdy gross sales of the iPhone 15 and iPhone 13. Offline gross sales additionally skilled development, growing by 3% year-over-year, as manufacturers provided related reductions and promotions throughout each channels.
Model Highlights: Apple’s Report-Breaking Efficiency and Market Leaders
Apple achieved a record-breaking quarter in India, transport 4 million items, primarily as a result of reputation of its iPhone 15 and iPhone 13 fashions. This efficiency widened the worth share hole between Apple and Samsung, with Apple holding a 28.7% share in comparison with Samsung’s 15.2%.
Vivo retained its lead within the Indian marketplace for the third consecutive quarter, pushed by its Y collection and newly launched T3 and V40 fashions. OPPO recorded the very best development among the many prime 5 manufacturers, with sturdy gross sales of its inexpensive A3x/K12x and mid-range Reno 12 collection. The model Nothing additionally confirmed spectacular development, intently adopted by Motorola and iQOO.
Market Outlook
Trying forward, the Indian smartphone market may even see a slowdown in This fall 2024 resulting from diminished demand after the festive season and elevated inventory ranges. Regardless of this, annual development for 2024 is projected to stay in low single digits. In accordance with Navkendar Singh, AVP of Gadgets Analysis at IDC, sustained development in 2025 will rely upon sturdy efficiency within the mass and entry-premium segments ($100-$400), with extra inexpensive launches and enhanced Gen AI capabilities anticipated to drive shopper curiosity.
