Indian smartphone shipments have remained stable in the third quarter of 2023, after a period of decline. However, the industry is showing signs of recovery due to the festive season.
According to Shilpi Jain, a senior analyst at Counterpoint Research, there is a positive consumer sentiment during the festive season sales, which is gradually leading to growth in the smartphone market. Factors such as pent-up demand, an extended festive season, and faster 5G upgrades are expected to drive growth in the coming quarter.
One standout performer in the Indian market is Apple, which has witnessed a 34% year-on-year growth in the mentioned quarter. Counterpoint reports that Q3 2023 has been the best quarter for Apple in India, with shipments crossing 2.5 million units. The company has benefitted from the trend of premiumization in the market and its timely introduction of new devices and financing offers.
Despite a decline in market share, Samsung continues to lead the Indian smartphone industry. The company’s market share decreased from 19.5% in Q3 2022 to 17.2% in Q3 2023. Samsung’s Galaxy A series and Galaxy M series have performed well, thanks to its aggressive push in the offline market and a focus on the growing premium segment.
Xiaomi, holding the second position, has also seen a decrease in market share from 20.6% in Q3 2022 to 16.6% in Q3 2023. However, Xiaomi has maintained its position through the Redmi 12 series and an expansion of its offline presence. The company has also been successful in providing affordable 5G smartphones, capturing the opportunity in the budget segment.
Vivo has emerged as the fastest-growing smartphone brand among the top five. It recorded an 11% year-on-year growth in Q3 2023, with a market share increase from 14.4% to 15.9%. Vivo’s strong offline presence and its mid-premium sub-brand iQOO have contributed to its sales growth.
In terms of technology, over 50% of smartphones sold in India during Q3 2023 were 5G-enabled, supporting the country’s ambitions in this field. The availability of 5G smartphones in the sub-INR 15,000 segment has been a key driver, with the number of 5G-enabled smartphones sold in this segment increasing from 7% in Q2 2023 to over 35%.
Overall, the Indian smartphone market is witnessing a mix of performance among the leading brands, with Apple showing the most significant growth. As the demand for smartphones increases during the festive season and with the anticipation of faster 5G upgrades, the industry is expected to experience further growth in the upcoming quarter.