The Indian smartphone market has stayed stagnant in Q3 2023, reaching 44 million shipments during that period. However, 5G smartphones accounted for nearly 60% of the smartphones sold in India during Q3.
OnePlus and Poco experienced significant year-on-year growth in their shipments, according to a report the International Data Corporation (IDC). Despite the lackluster performance in Q3, the premium smartphone segment saw the highest growth.
The average selling price (ASP) of smartphones increased to ₹21,000, a 5% increase from the previous quarter. Conversely, the ASP of 5G smartphones dropped 9% year-on-year to ₹29,700, signalling a movement towards making 5G smartphones more affordable.
As unlimited 5G becomes more accessible across the country and smartphone makers introduce affordable 5G smartphones, the demand for 5G smartphones is on the rise. In Q3 2023, 5G smartphones accounted for 58% of overall shipments, with 25 million units sold.
Samsung maintained its lead in the Indian smartphone industry, despite a decline in market share. Following Samsung, Realme and Vivo held the second and third positions in market share, respectively.
On the other hand, Xiaomi experienced a significant year-on-year decline, falling to the fourth position in the smartphone industry in India.
Notably, OnePlus and Poco have emerged as the biggest gainers in Q3 2023. OnePlus saw a growth of 50.1%, while Poco recorded a 50.8% growth in their respective market shares.
The super-premium segment experienced growth, with Cupertino tech giant Apple leading the segment thanks to its iPhone 13, iPhone 14, and iPhone 14 Plus models. However, the overall outlook for 2023 remains flat, with smartphone makers facing excess inventory challenges due to softening demand post-Diwali.