May 9th 2024.
In the bustling city of New Delhi, a recent report has shown a remarkable growth in India's smartphone shipments during the first three months of the year. This growth, which reached a record 8% in terms of volume and 18% in terms of value, was largely driven by consumers upgrading to higher-value phones across all price tiers.
According to Counterpoint Research, 5G smartphone shipments saw their highest-ever share of 71% in volume, showcasing the increasing demand for this advanced technology. Additionally, the premium segment also saw a surge, reaching a 20% volume share and a whopping 51% value share of the overall smartphone market in the country.
Shilpi Jain, a senior research analyst, commented on this trend, stating that "India's smartphone market has achieved its highest-ever Q1 value. This growth can be attributed to the rising trend of premiumisation." She also mentioned that more than one-third of mid-tier consumers are now willing to upgrade to the premium segment, indicating a shift in consumer preferences.
Jain further explained that factors such as affordable financing schemes, better value for trade-ins, and bundled schemes, along with the demand for top-tier features like AI, gaming, and imaging enhancements, have contributed to this trend.
In an interesting turn of events, vivo emerged as the market leader in terms of volume, a first for the brand in a single quarter. On the other hand, Samsung dominated the market in terms of value, capturing over one-fourth of the total market value. The brand's average selling price in India also reached its highest ever, showcasing the growing demand for its products.
Looking ahead, the report predicts that India's smartphone market will continue to grow in the coming years, with a strong emphasis on premiumisation, 5G adoption, and post-COVID upgrades. It is expected to see single-digit growth by 2024, highlighting the significant role these factors will play in shaping the market.
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