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Premium Smartphones Drive India’s Record Revenue Growth In 2024

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While shipments grew only 1%, with vivo and Apple leading, India’s smartphone market reportedly hit a record high in 2024 with 9% revenue growth, driven by premiumisation.

India’s smartphone market saw a 9 per cent year-on-year (YoY) increase in wholesale revenue, reaching an all-time high in 2024, according to a report by Counterpoint Research. However, smartphone shipments grew by only 1 per cent YoY, totalling 153 million units for the year.

As per the report, 2024 began with strong growth and an optimistic outlook, but momentum slowed later in the year due to weakened consumer demand and macroeconomic pressures. Nonetheless, the trend towards premiumisation remained robust, driving record revenue.

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In the fourth quarter of the year, India’s smartphone market experienced a 4 per cent YoY decline, largely due to the post-festive slump, with original equipment manufacturers (OEMs) focusing on clearing Q3 inventory. However, the market value increased by 5 per cent, driven by strong demand for premium devices and new launches in December.

Brandwise, in terms of market volume, vivo led the year with a 19 per cent share, followed by Xiaomi, Samsung, and Oppo with 17 per cent, 16 per cent, and 15 per cent, respectively. However, Apple led the market with a value share of 23 per cent, followed by Samsung (22 per cent) and vivo (16 per cent).

Source: Counterpoint

Nothing emerged as the fastest-growing brand in 2024, with a remarkable 577 per cent YoY increase, driven by its 2a series and sub-brand CMF. Motorola saw a strong performance, growing 82 per cent YoY in 2024 and doubling its shipments from 2022.

On the other hand, Realme’s emphasis on expanding its offline presence saw its contribution from offline channels rise to 52 per cent in 2024, up from 49 per cent in 2023.

In 2024, 5G smartphone penetration in India reached 78 per cent, driven by the availability of 5G chipsets in entry-level devices. MediaTek led the smartphone chipset market with a record 52 per cent share, while Qualcomm followed with 25 per cent.

Premium smartphones now account for 20 per cent of all shipments in the country, fuelled by growing demand for high-end features. As hardware differentiation narrows, OEMs are increasingly turning to GenAI to deliver hyper-personalised experiences, intuitive user interfaces, and advanced audio-visual technologies like Dolby Vision and Dolby Atmos.

Meanwhile, in the feature phone segment, itel maintained its leadership with a 32 per cent share, supported by a strong distribution network in tier-2 cities and beyond.

“India’s smartphone market is maturing, with stable volumes influenced by a limited influx of new users,” Shilpi Jain, Senior Research Analyst at Counterpoint, commented on the market’s performance, stating that replacement cycles are lengthening as entry- and mid-range devices continue to improve each year. At the same time, there is a noticeable shift towards higher-priced devices, with shipments of premium smartphones (over INR 30,000) increasing by double-digit percentages

Jain noted that while consumer demand for premium smartphones is rising, supported by trade-in and financing options, overall shipment growth remained modest due to inflation, which heavily impacted the entry-level segment. Looking ahead, 2025 is expected to see modest volume growth but another record high in value, driven by continued premiumisation.

Regarding competition, Shubham Singh, Research Analyst at Counterpoint, highlighted that vivo emerged as the market leader for the first time, with a 16% YoY growth, aided by a strong offline network and support from its sub-brand, iQOO.

Xiaomi regained the second spot, growing 6% YoY, following a period of decline in 2022 and 2023. Samsung dropped to third, as its value-driven strategies limited its presence in lower price bands, affecting overall shipments. However, Samsung’s premium devices, notably the S series, performed well, helping the brand gain ground in the premium segment.

Singh added, “OPPO dropped to fourth place with a 10% YoY decline, mainly due to product and channel challenges in the first half of 2023. Apple had another strong year in 2024, ranking among the top five brands in Q4, with the iPhone 15 becoming the highest-shipped device of the quarter. Apple achieved record shipments in a single quarter and finished the year with the highest market value share.”

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Shubha Mitra
Shubha Mitra
Shubha is a journalist at EFY. She is keenly interested in India's evolving electronics ecosystem. Her focus revolves around government policies, legislation, and public-private partnerships related to the industry.

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