According to Counterpoint Research, India’s smartphone market has emerged as the second largest globally by unit volume and third largest by value in the third quarter of 2024. In this period, India accounted for 15.5% of global smartphone shipments, trailing only China, which held a 22% share. The United States followed with a 12% share. By market value, India captured approximately 12.3%, a slight increase from 12.1% in the same quarter the previous year. China dominated the value segment with a 31% share, while the US secured 19%. Neil Shah, co-founder of Counterpoint Research, highlighted India’s potential for growth, noting its large smartphone base of 690 million users within a population of 1.4 billion, indicating significant opportunities for further market penetration.
In Q3 2024, smartphone shipments in India grew by 3% year-on-year, with value increasing by 12%, marking a record quarterly high. This growth reflects a trend towards premiumization, with smartphones’ average selling price (ASP) rising by 8% to US$ 294. As consumers increasingly upgrade to higher-priced models, India will see further ASP growth, moving closer to the global average of US$ 349. The volume increase was partly driven by an early start to the festival season. Samsung and Apple dominated the premium segment, collectively holding a 44.6% share of the overall market by value. In contrast, the global smartphone market experienced a slower growth rate of 2%, with total shipments reaching 307 million. The trend towards premium devices is also evident globally, with nearly 30% of sales occurring in the above-US$ 400 categories, indicating a shift in consumer preferences.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
