India’s smartphone shipments increased by 11.5% year-on-year to 34 million units in the first quarter of 2024, marking the third consecutive quarter of growth. Apple, Vivo, and Xiaomi led the market, with significant contributions to this surge.
What Happened: According to International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker, IDC projects smartphone growth to remain in the mid-single digits throughout 2024.
Navkendar Singh from IDC noted that the early months of 2024 have set a strong pace, although attracting first-time smartphone users remains a challenge, impacting growth prospects. He observed that smaller brands are gaining market share, reducing the top five brands’ dominance from 69% to 65%.
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The super-premium segment, driven by high-end models like the iPhone 14/15, saw a 44% growth, increasing its market share from 7% to 9%. Conversely, the entry-level (sub-$100) segment declined by 14%, with Xiaomi leading the space.
Overall, the premium and super-premium segments, particularly Apple and Samsung, have shown strong performance despite a general slowdown in the market. IDC also highlighted a significant increase in 5G adoption, with 23 million 5G smartphones shipped this quarter, accounting for 69% of total shipments, up from 46% last year. This growth in 5G was supported by aggressive marketing and financing options that helped maintain demand beyond the festive season.
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