India witnessed a notable enhance in smartphone shipments within the first quarter (Q1) of 2024, with a quantity development of eight per cent year-on-year (YoY) and a worth development of 18 per cent, in accordance with a brand new report. As per Counterpoint’s Month-to-month India Smartphone Tracker, the rise in quantity primarily got here from wholesome stock ranges and the low base of Q1 2023.
Additionally, the surge in worth was pushed by the development of premiumisation and the launch of latest fashions such because the Samsung Galaxy S24 and OnePlus 12 (learn our full assessment of the OnePlus 12 and OnePlus 12R right here) sequence. In Q1 2024, the premium phase, comprising smartphones priced above Rs 30,000, hit its highest-ever quantity share at 20 per cent and accounted for 51 per cent of the whole market worth.
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Shilpi Jain, Senior Analysis Analyst, Counterpoint Analysis, emphasised that India’s smartphone market reached its highest-ever Q1 worth within the quarter. This surge was pushed by customers upgrading to higher-value smartphones throughout completely different value brackets, aided by components like accessible financing, trade-in incentives, bundled packages, and the will for superior options resembling AI, gaming, and improved imaging.
Apple’s Excellent Quarter In India
Apple had an impressive quarter in India, asserting dominance in each the worth and quantity features of the premium phase, primarily attributable to the most recent iPhone 15 sequence.
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“The onset of 2024 introduced a promising begin for OEMs, with higher stock ranges permitting them to fill channels with a number of new launches. Nonetheless, gross sales have been lower than anticipated on account of a drop in retail footfalls and a bit of customers reducing down on discretionary spending,” mentioned Shubham Singh, Analysis Analyst.
Samsung Grabbed Prime Spot In Worth Phrases
Samsung dominated the market when it comes to worth, commanding a one-fourth share. The corporate achieved a record-high common promoting value (ASP) of roughly $425, propelled by its sturdy presence within the >Rs 20,000 phase.
Chinese language handset maker Vivo secured the highest place by quantity for the primary time, grabbing a 19 per cent share pushed by its 5G management and CMF (Color, Materials, End) positioning, along with sturdy imaging capabilities. Main OEMs focused on broadening their channel methods throughout this quarter, leading to elevated shipments by means of offline channels, with stock accumulation noticed by the quarter’s finish.
