India's smartphone shipments experienced a historic surge in the January-March quarter, marking an 8 % year-on-year growth in volume and an impressive 18% uptick in value, according to a report released Thursday.
Counterpoint Research revealed that 5G smartphone shipments claimed a record-high 71 % share in terms of volume during this period.
Notably, the premium segment carved out its largest-ever slice of the market, capturing a 20% volume share and a commanding 51 % share of the overall smartphone market value in India.
In response to these figures, senior research analyst Shilpi Jain remarked, “India’s smartphone market reached its highest-ever Q1 value. The growth was driven by the strengthening trend of premiumization.”
Jain highlighted that more than a third of mid-tier consumers are expressing a willingness to transition to the premium segment, citing factors such as accessible financing options, enhanced trade-in values, and bundled offers. She emphasised the allure of top-tier features like AI, gaming capabilities, and advanced imaging enhancements.
For the first time, Vivo emerged as the volume leader in the market for a single quarter.
Samsung, on the other hand, secured its position as the value leader, commanding over one-fourth of the total market value. The company's average selling price (ASP) in India also soared to its highest level.
Commenting on the trajectory of the market, the report projected, “We expect India’s smartphone market to grow in single digits in 2024, driven by strong premiumization, 5G adoption, and post-COVID upgrades.”
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