India’s smartphone exports surged past the $2 billion mark in October 2024, the highest monthly smartphone export numbers ever recorded, according to the latest estimates from the telecom industry body Indian Cellular and Electronics Association (ICEA). In the first seven months of H1 FY25, smartphone exports reportedly touched $10.6 billion, a 37% year-on-year surge from $7.8 billion in the year-ago period. October's numbers were largely driven by a boost in exports of Apple iPhone, as the tech major posted its largest-ever quarterly shipments in India with 4 million units in Q3 2024.
The Indian smartphone market grew for the fifth consecutive quarter in Q3 2024, according to the International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker. The smartphone shipments in India reached 46 million units in Q3, reflecting 5.6% growth YoY (year-over-year). “Growth in the biggest quarter of the year was fuelled by attractive discounts, multiple financing options, extended device warranty and cashback/bank offers across both online/offline channels. One of the biggest draws during the eTailer sales was the attractive discounts on last year’s flagship models from Apple and Samsung,” says Upasana Joshi, senior research manager, devices research, IDC Asia Pacific.
Key Highlights for Q3 2024:
1) Smartphone average selling price grew 0.9% YoY and 3.8% QoQ, at $258. The entry-premium ($200<$400) segment registered a strong growth of 42% YoY, at 28% share, up from 21% a year ago. OPPO was the biggest gainer, while the share of Samsung and vivo declined, all three together making up 53% of this segment. The premium segment ($600<$800) registered the highest growth of 86%, at 4% share, up from 2% a year ago. Key models were the iPhone 15/13/14, Galaxy S23, and OnePlus 12. Apple’s share increased YoY to 71%, while Samsung’s share dropped to 19%, from 30% a year ago.
2) 38 million 5G smartphones were shipped in Q3 2024. The share of 5G smartphone shipments increased to 83%, up from 57% in Q3 2023, while 5G smartphone ASPs declined by 20% YoY to $292. Within 5G, shipments of the mass budget ($100<$200) segment almost doubled, reaching 50% share. Xiaomi Redmi 13C, Apple iPhone 15, OPPO K12x, vivo T3x and Y28, were the highest-shipped 5G models in 3Q24.
3) Shipments to online channels grew by 8% YoY and its share increased to 51% in Q324 from 50% in Q323. Apple emerged as the second largest player in the online channel, with iPhone 15 and iPhone 13 as the highest-shipped devices.
4) Overall, vivo continued to lead for the third consecutive quarter, with the affordable Y series and newly launched T3 and V40 series. OPPO registered the highest growth amongst the top 5 brands led by affordable new launches like A3x/K12x and Reno 12 series. Nothing registered the highest growth overall, followed by Motorola and iQOO.
5) Apple had its biggest quarter of shipments, with 4 million units, led by iPhone 15 and iPhone 13. This further widened the gap between the value share of Apple and Samsung, which stood at 28.7% and 15.2%, respectively.
