India’s Q1 smartphone shipments up 8%; vivo leads the chart

India’s smartphone shipments in Q1 2024 (January-March) grew 8% YoY in terms of volume and 18% in terms of value, with Chinese smartphone maker vivo leading the market for the first time in volume, the ‘Monthly India Smartphone Tracker’ by market intelligence firm Counterpoint shows. During the quarter, vivo captured the top spot by volume for the first time ever, with a 19% share driven by its 5G leadership and CMF (Colour, Material, Finish) positioning, along with strong imaging capabilities.

The smartphone volume growth was primarily driven by healthy inventory levels and the low base of Q1 2023. Value growth was driven by the ongoing premiumisation trend and new launches during the quarter, such as the Samsung Galaxy S24 and OnePlus 12 series. The smartphone costing less than ₹30,000 reached 20% volume share, its highest ever, and 51% value share of the overall Indian smartphone market in Q1 2024.

India’s smartphone market is expected to grow in the high single digits in 2024. The growth will be driven by premiumisation, 5G adoption and post-COVID upgrades. “During the quarter, India’s smartphone market reached its highest ever Q1 value. The growth was driven by the strengthening trend of premiumisation, with consumers upgrading to higher-value smartphones across price tiers.” says senior research analyst Shilpi Jain.

Jain explains more than one-third of mid-tier consumers are willing to upgrade to the premium segment, shows the data. Factors driving the trend include affordable financing schemes, better value for trade-ins, and bundled schemes, along with the demand for top-tier features such as AI, gaming, and imaging enhancements.

With a one-fourth share, Samsung led the market in terms of value. Also, at around $425, Samsung’s ASP was its highest ever, driven by its leading position in the less than ₹20,000 segment. This can be attributed to a stronger mix of its newly launched Galaxy S24 series due to its features such as GenAI, and the newly revamped A series, along with the increasing popularity of Samsung’s financing schemes.

Apple also had a record quarter in India in terms of value, leading the premium segment both in value and volume terms, driven by the latest iPhone 15 series, especially in offline channels.

During the quarter, Nothing, Motorola, and Xiaomi emerged as the fastest-growing brands, with Nothing growing the fastest at 144% YoY due to its new mid-segment model Nothing (2a), which gained significant mind share. Motorola’s shipments grew 58% YoY in Q1 2024, driven by demand for better CMF in smartphones and its smoother stock Android experience. Xiaomi’s shipments grew 28% YoY to secure the second spot driven by a leaner and streamlined portfolio and a proactive offline channel strategy.

In Q1 2024, India’s 5G smartphone shipments captured their “highest ever share” of 71%. MediaTek led India’s smartphone chipset market with a 53% share, and Qualcomm led the premium segment with a 35% share.