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Indian Smartphone Market Sees Growth Despite Challenges In H1 2024

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Indian smartphone market grows 7.2% YoY in H1 2024, with solid mid-premium and premium segment performance despite rising prices and muted demand.

According to a report by International Data Corporation (IDC), the Indian smartphone market experienced notable growth in the first half of 2024, with shipments reaching 69 million units, marking a 7.2% increase year-over-year (YoY). The second quarter of 2024 alone saw 35 million smartphones shipped, reflecting a 3.2% YoY growth.

The market’s expansion is driven by strong consumer interest and the introduction of new models, particularly in the mid-premium and premium segments.

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However, muted consumer demand and rising average selling prices (ASPs) continue to hinder a faster recovery.

The entry-level segment (smartphones under $100) saw a significant 36% YoY decline, dropping to a 14% market share from 22% the previous year. Conversely, the mass budget segment ($100-$200) grew by 8% YoY, increasing its share to 44% from 42%. Xiaomi, Realme, and Vivo remain dominant in this segment, holding a combined 60% share.

The entry-premium segment ($200-$400) has seen a significant growth of 42% YoY, with its market share rising to 30% from 22%. Notably, OPPO, Vivo, and Samsung have made substantial gains in this category, securing nearly 60% of the share. The mid-premium segment ($400-$600) declined by 25% in unit terms, holding a 4% share. Vivo led this segment with a 25% share, followed by OnePlus and OPPO.

In the premium segment ($600-$800), there has been a noticeable decline in market share to 2%, with a 37% decline in unit terms. Key models included the iPhone 13, Galaxy S23FE, iPhone 12, and OnePlus 12. Apple increased its share to 61%, while Samsung’s share rose to 24% from 21% a year ago. The super-premium segment ($800+) continued to grow, showing a 22% increase.

Vivo led the market for the second consecutive quarter, driven by launches across various price segments, including the Y series, V series, and the flagship X Fold 3 Pro. Motorola achieved the highest growth due to its diverse product portfolio, while Nothing saw the second-highest growth among brands.

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