Owing to diminished seasonal demand and extreme weather conditions in certain regions, the Indian smartphone market saw a humble 1% growth in the second quarter of 2024 as per reports.
The Indian smartphone market experienced modest growth of just 1% in Q2 2024, reaching a total of 36.4 million units shipped, according to a report published by Canalys. Various factors, including elections, weakened seasonal demand, and severe weather conditions in some areas, influenced this sluggish growth.
According to the report, high inventory levels persisted this quarter as vendors varied their strategies. Some introduced new, higher-priced models, while others focused on clearing existing stock to prepare for the upcoming festival season.
During this period, Xiaomi reclaimed its position as the market leader after six quarters, achieving an 18% market share with 6.7 million units shipped. Vivo followed closely behind, also shipping 6.7 million units, driven by the popularity of its affordable 5G and mid-range models. Samsung secured the third spot with 6.1 million units shipped. The top five were completed by realme and OPPO (excluding OnePlus), with 4.3 million and 4.2 million units shipped, respectively.
Sanyam Chaurasia, Senior Analyst at Canalys noted that Q2 2024, brands like Xiaomi, Vivo, and realme boosted their mid-to-high-end portfolios and cleared inventory through early monsoon sales, focusing on refreshed designs and features.
Chaurasia further vendors to emphasise business viability and strong value propositions amid challenges such as fluctuating demand, slow smartphone adoption, and rising second-hand phone use.
He also highlighted the importance of innovation and brand experience, with 5G driving growth and 44% of consumers planning upgrades, predicting mid-single-digit growth for the year.
