Counterpoint: India's smartphone sales to grow 3% year-on-year in the third quarter of 2024

According to the latest research from Counterpoint, smartphone sales in India grew 3% YoY in Q3 2024, while value grew 12% YoY, a record high for a single quarter. The value growth was driven by the continued premium trend, while the volume growth was driven by an earlier start to the festive season than in 2023. OEMs were aggressive in filling the channel, ensuring that retailers were well prepared for the expected sales surge during the festive season. The start of festive sales was slower compared to last year.

Other key trends

• Nothing was the fastest growing brand for the third consecutive quarter, with shipments increasing 510% year-on-year in the third quarter of 2024, entering the top ten for the first time. This growth was driven by portfolio expansion, strategic market penetration and partnerships with more than 800 multi-brand stores in more than 45 cities.
• Motorola achieved 87% year-over-year growth in the third quarter of 2024, driven by the success of economy models focused on CMF (color, material, finish), as well as growing demand in small cities and expanding market footprint.
• The share of 5G smartphones in total shipments reached an all-time high of 81%. In the INR 10,001-INR 15,000 (approximately US$120-240) segment, 5G penetration reached 93%, with brands focusing on launching 5G models.
• Smartphones are expected to see a significant upward trend in audiovisual enhancements, driven by features such as immersive sound with Dolby Atmos, superior visual clarity with Dolby Vision, and high dynamic range content recording with Dolby Vision.
• MediaTek leads the Indian smartphone chipset market with a 54% market share. Apple leads the premium segment with a 35% market share, followed by Qualcomm with a 28% market share.
• Within the portfolio, contribution from the premium price segment (greater than INR 30,000, approximately USD 360) grows 6% in Q3 2024, driven by the relaunch of the GT range this year.
• With affordable prices and a strong distribution network, Hotel leads the feature phone market with a 36% market share, followed by Lava with 26%.