India Smartphone Market witnessed 4% YoY decline in Q2 2024, 5G Smartphones Captures 79% Share: CMR

• 5G Smartphone shipments recorded remarkable 56% YoY growth in Q2 2024.
• Premium smartphone (INR 25,000- INR 50,000) shipments recorded 29% YoY growth.
• Xiaomi captured the top spot followed by Samsung in Q2 2024 in the smartphone market.|
• 4G Feature phone shipments recorded 39% YoY growth in Q2 2024.

New Delhi/Gurugram, 6^th Aug 2024:  According to CyberMedia Research (CMR)’s India Mobile Handset Market Review Report for Q2 2024 released today, India smartphone market decline 4% YoY. The 5G smartphone shipments share increased to 79%, marking a notable 56% YoY growth.

The overall mobile market shipments witnessed decline of 3% YoY in Q2 2024.  Xiaomi (19.3%), Samsung (18.5%) and Vivo (17%) captured the top three spots in the smartphone leaderboard in Q2 2024, followed by Realme (13%) and OPPO (9%).

Vivo led the 5G smartphone market with a 21% market share, followed by Samsung at 20% during the quarter. During the quarter, 5G smartphones in the price band of INR 10,000 to INR 13,000 grew by >200% YoY.

Commenting on the overall market conditions in Q2 2024, Menka Kumari, Analyst- Industry Intelligence Group, CyberMedia Research (CMR), “The Indian smartphone market is flourishing with a notable surge in 5G adoption and an increasing shift towards premium devices. The availability of affordable 5G phones in the INR 10,000 to INR 13,000 range has significantly propelled market growth. Additionally, the premiumization wave continues to stay strong, with the premium segment (above INR 25,000) witnessing a 9% YoY growth.”

Smartphone Market in Q2 2024

The affordable smartphone segment (below INR 7,000) has faced challenges, experiencing a 26% year-over-year (YoY) decline. This trend highlights a shift in consumer preferences towards more feature-rich options.

The value-for-money segment (INR 7,000 to INR 25,000) continues to lead, capturing a commanding 71% of the market share. This segment’s popularity underscores the consumer demand for high-quality devices at accessible prices.

The premium smartphone segment (above INR 25,000) has enjoyed robust growth, with a 9% YoY increase.

Feature Phone Market in Q2 2024

The overall feature phone market recorded 1% YoY growth. However, 2G feature phone shipments decreased by 6% YoY.

The 4G feature phone shipments recorded 39% during the quarter, majorly driven by Jio capturing 68% market share followed by Nokia at 28%.

Key Market Highlights

Xiaomi secured the top spot in the smartphone market with a 19% share, featuring top models like Redmi 13C 5G and Redmi 12 5G. Additionally, Xiaomi’s sub-brand, POCO, experienced an impressive 20% YoY growth in shipments.

Vivo secured the second spot in the smartphone market with a 17 % share, featuring top models like vivo T2 Pro 5G and vivo Y28.

Realme held the fourth position with a 13% market share, experiencing a modest 4% YoY growth in shipments. The top models shipped by Realme were Realme 12x and Realme C65.

Apple captured 5% market share in the smartphone market in Q2 2024. The Apple iPhone 15 series constituted 58% of its total shipments.

Motorola saw a >175% YoY growth in Q2 2024, steered by top models like Moto G34 and Moto G24 Power.

Jio captured 15% market share in the feature phone market in Q2 2024 largely driven by its JioBharat B1 model capturing 36% share followed by JioPhone Prima at 22%.

MediaTek led India’s smartphone chipset market with a 54% share. During the quarter, MediaTek launched a new chipset Dimensity 9300. Qualcomm led the premium segment (>INR 25,000) with a 37% share.

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 Pankaj Jadli, Analyst-Industry Intelligence Group (IIG), CyberMedia Research (CMR), “With the festive season approaching, the Indian smartphone market is poised for substantial growth driven by consumer interest in premium and value for money smartphones. Aggressive offers and easy financing schemes will fuel consumer smartphone upgrade. It will be interesting to witness 5G diffusion towards lower price tiers.”