Counterpoint: India's smartphone shipments to grow 8% year-on-year in Q1 2024

Counterpoint's latest research shows that India's smartphone shipments grew 8% year-on-year in the first quarter of 2024, and 18% in value. The volume growth was mainly driven by healthy inventory levels and a lower base in the first quarter of 2023. The value growth was driven by the continued premiumization trend and new products launched this quarter, such as the Samsung Galaxy S24 and OnePlus 12 series. In the first quarter of 2024, the volume share of the premium market reached 20%, the highest ever, and the value share of the entire Indian smartphone market reached 51%.

Commenting on the market value dynamics, Shilpi Jain, Senior Research Analyst said, “During the quarter, the Indian smartphone market recorded its highest ever Q1. The growth was driven by the premiumization trend, with consumers upgrading to higher value smartphones across price segments. According to Counterpoint’s Consumer Lens survey, more than a third of mid-tier consumers are willing to upgrade to the premium segment. Factors driving this trend include affordable payment options, better trade-in deals and bundling options, and demand for top-tier features such as AI, gaming, and imaging enhancement.”

Motorola and Xiaomi are the fastest growing brands

Nothing had the fastest growth, up 144% year-over-year, as its new mid-range model Nothing (2a) gained significant market share.

Motorola's shipments in the first quarter of 2024 increased 58% year-on-year, driven by demand for better CMF in smartphones and a smoother stock Android experience.

Xiaomi's shipments grew 28% year-on-year, driven by a more streamlined product portfolio and an aggressive offline channel strategy.

The Transsion brand grew 20% year-on-year after increasing its offline presence and offering high-end configurations in the affordable market.

realme achieved 18% year-on-year growth in the first quarter of 2024, driven by its latest digital series, which targets the young group with its superior camera features and high-end design.