Counterpoint: India's smartphone shipments to fall 2% in the second quarter of 2024

Counterpoint: India's smartphone shipments to fall 2% in the second quarter of 2024

Counterpoint's report shows that India's smartphone shipments fell 2% year-on-year in the second quarter of 2024. The decline was affected by heat waves, seasonal recessions, and slowing demand in the first quarter of 2024. In response, OEMs held sales events in the second quarter to clear inventory, resulting in lower sales and a period of slower growth.

Other key trends

  • Nothing was the fastest-growing brand in the first half of 2024, with shipments increasing 567% year-on-year, driven by the launch of new models, including the mid-range phone 2a and the budget phone CMF Phone 1.
  • Motorola achieved 88% year-over-year growth in the second quarter of 2024, mainly driven by budget-friendly models with a focus on CMF (color, material, finish).
  • Xiaomi sub-brand POCO was the fastest-growing brand in the Indian rupee 10,000-15,000 (about USD 120-180) segment, with year-on-year growth of 318%, mainly driven by its affordable M-series 5G models.
  • realme achieved a 2% year-on-year growth by expanding its product portfolio through the launch of new P-series models and the reintroduction of the GT series.
  • In the second quarter of 2024, driven by a decline in average selling prices (ASPs), 5G smartphone shipments in India accounted for a record 77% of the total smartphone market. OEMs are racing to launch cheaper 5G models, with Lava launching the Yuva 5G during the quarter.
  • MediaTek leads the Indian smartphone chipset market with a 54% market share, while Qualcomm leads the high-end segment with a 33% market share.
  • The price ranges of INR 20,000-30,000 (approximately USD 240-360) and INR 45,000 (approximately USD 540) saw the fastest year-on-year growth of 25% and 24%, respectively.

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