India saw a 2% decrease in smartphone shipments in Q2 2024 compared to the previous year, as reported by Counterpoint’s Monthly India Smartphone Tracker.
This decline was due to a heatwave, seasonal slowdown, and lower demand from Q1 2024. To address this, smartphone manufacturers held sales events to clear inventory, resulting in reduced sales and a period of decline.
Q1 Coverage: India's Smartphone Market Booms in Q1 2024
Senior Research Analyst, Shilpi Jain, explained that the heatwave led to fewer people visiting physical stores and delayed smartphone purchases as consumers focused on buying appliances like air conditioners and refrigerators. This led to an excess of inventory.
However, online sales, good harvest, and aggressive promotions towards the end of the quarter helped OEMs finish the quarter on a positive note.
Xiaomi regained the top spot during the quarter, demonstrating a 23% increase in shipments compared to the previous year. This growth was driven by a focused product range that covered entry-level to affordable premium segments. Xiaomi also pushed its flagship models, improved its marketing, and expanded its distribution channels to solidify its position.
Q2 Coverage: Indian Smartphone Market Stagnates: 1% Growth in Q2 2024
Research Analyst, Shubham Singh, noted that India's smartphone market achieved its highest recorded Q2 value in Q2 2024. This was attributed to an influx of consumers upgrading to higher-value smartphones.
Notably, Samsung led in terms of value for the second quarter in a row, capturing over a quarter of the market. Samsung's new Fold 6 series is expected to maintain this lead.
Meanwhile, vivo secured the second spot with its higher-priced models, such as the V30 series.
Apple ranked third in terms of value but is expected to bounce back in the next quarter due to recent price cuts across the iPhone range.
Read More: India’s Smartphone Market Grows Moderately in 2023
