• Samsung captured the top spot followed by Xiaomi in Q1 2024.
• 5G Smartphone shipments recorded remarkable 91% YoY growth in Q1 2024.
• Premium smartphone (INR >25,000) shipments recorded 71% YoY growth.
• Feature phone shipments recorded 42% YoY growth in Q1 2024.
New Delhi/Gurugram, 9th May 2024: According to CyberMedia Research (CMR)’s India Mobile Handset Market Review Report for Q1 2024 released today, India smartphone market grew 10% YoY. The 5G smartphone shipments share increased to 70%, marking a notable 91% YoY growth. Interestingly, 5G smartphones in the price band of INR 10,000 to INR 15,000 grew by >400% YoY.
Samsung led the 5G smartphone market with a 22% market share, followed by Vivo at 18% during the quarter. The overall mobile market shipments recorded growth of 20% YoY in Q1 2024. Samsung (18.8%), Xiaomi (18.6%) and Vivo (16%) captured the top three spots in the smartphone leaderboard in Q1 2024, followed by OPPO (10%) and Realme (10%).
Commenting on the overall market conditions in Q1 2024, Menka Kumari, Analyst- Industry Intelligence Group, CyberMedia Research (CMR), “India’s smartphone market witnessed a significant surge in 5G adoption as well as a clear ongoing push towards premiumization. 5G continues to diffuse to more affordable price tiers, especially in the INR 10,000 to INR 15,000 price band. The onset of AI phones further fueled the premiumization wave. The super-premium smartphone category (>INR 50,000) experienced a notable 47% YoY growth, indicating a rising preference among consumers for high-end devices.”
Smartphone Market in Q1 2024
The Value-for-money smartphone segment (INR 7000-INR 25,000) constituted the largest share at 65%. The Affordable smartphone segment (<INR 7000) experienced 16% YoY growth.
The Premium smartphone segment (INR >25,000) recorded remarkable YoY growth of 71% fueled by easy payment options and premium features like AI.
Q1 2024 Feature Phone Segment
The overall feature phone market recorded 42% YoY growth. However, 2G feature phone shipments decreased by 10% YoY.
The 4G feature phone shipments recorded impressive >650% during the quarter, majorly driven by Jio capturing 84% market share followed by Nokia at 13%.
Other Key Market Highlights in Q1 2024
POCO, Xiaomi’s sub-brand, experienced 48% YoY growth in smartphone shipments.
Vivo 5G smartphone shipments recorded impressive 358% YoY growth.
Realme 5Gsmartphone shipments recorded remarkable growth of 168% YoY.
Apple captured 6% market share in the smartphone market in Q1 2024. The Apple iPhone 15 series constituted >60% of its total shipments.
Transsion Group brands, including itel, Infinix, and Tecno, recorded a 12% YoY increase in shipments (combined for smartphones and feature phones).
Jio captured 35% market share in the feature phone market in Q1 2024 largely driven by its JioBharat B1 model capturing 32% share followed by JioPhone Prima at 27%.
Future Market Outlook
CMR estimates the India’s smartphone market to grow 7-8% in 2024, driven by strong demand for 5G and AI smartphones.
According to Bhaskar Negi, Analyst-Industry Intelligence Group, CyberMedia Research (CMR),“The smartphone market in 2024 and beyond is poised for fierce competition in the value-for-money 5G segment. Brands that capitalize on these trends – affordable 5G, powerful on-device AI, and seamless cross-device experiences – will be well-positioned to win in this growing but hypercompetitive market.”
