The Indian smartphone market saw minimal growth of only 1% in the second quarter of 2024 due to low seasonal demand. According to Canalys, only 36.4 million units were shipped in Q2, with extreme weather conditions also contributing to the stagnant growth.
These figures heavily contrast Q1 2024’s market performance whereby India witnessed a sustained high demand for smartphones, with four out of the top five vendors reporting year-on-year growth.
This uptick was driven by aggressive pricing strategies employed for premium models. According to data from Canalys, shipments increased by 15%, reaching a total of 35.3 million units.
Q1 Coverage: India's Smartphone Market Booms in Q1 2024
In Q2, Xiaomi reclaimed the top spot by shipping 6.7 million units (18% market share), followed by Vivo with a similar number of units. Samsung came in third with 6.1 million units (17%), while Realme and Oppo shipped 4.3 million (12%) and 4.2 million units (11%) respectively.
Canalys Senior Analyst, Sanyam Chaurasia, mentioned that the market is facing challenges like fluctuating demand in the mass-market segment, slow transition from feature phones to smartphones, and an increase in the use of second-hand smartphones.
Chaurasia also noted that a recent Canalys study showed that 44% of consumers plan to buy a new device within the next year, with many looking for the latest innovations, including 5G technology. Canalys predicts a moderate increase in sales during the upcoming festive season and for the year overall.
Related: 5G Smartphone Sales Surge in India, Crossing 100 Million Milestone
Commenting on the future of the market, Chaurasia outlined that, in the long term, brands should prioritize enhancing device experiences through GenAI features, ecosystem integration and innovative form factors to capture consumers’ interests.
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