Apple Dominates Premium Segment As India Smartphone Market Grows 18 Per Cent In Q1

Apple had an outstanding quarter in India, asserting dominance in both the value and volume aspects of the premium segment, primarily attributable to the latest iPhone 15 series.

Also, the surge in value was driven by the trend of premiumisation.

Source : Getty

India witnessed a notable increase in smartphone shipments in the first quarter (Q1) of 2024, with a volume growth of eight per cent year-on-year (YoY) and a value growth of 18 per cent, according to a new report. As per Counterpoint’s Monthly India Smartphone Tracker, the increase in volume primarily came from healthy inventory levels and the low base of Q1 2023.

Also, the surge in value was driven by the trend of premiumisation and the launch of new models such as the Samsung Galaxy S24 and OnePlus 12 (read our full review of the OnePlus 12 and OnePlus 12R here) series. In Q1 2024, the premium segment, comprising smartphones priced above Rs 30,000, hit its highest-ever volume share at 20 per cent and accounted for 51 per cent of the total market value.

Shilpi Jain, Senior Research Analyst, Counterpoint Research, emphasised that India's smartphone market reached its highest-ever Q1 value in the quarter. This surge was driven by consumers upgrading to higher-value smartphones across different price brackets, aided by factors like accessible financing, trade-in incentives, bundled packages, and the desire for advanced features such as AI, gaming, and improved imaging.

Apple's Outstanding Quarter In India

Apple had an outstanding quarter in India, asserting dominance in both the value and volume aspects of the premium segment, primarily attributable to the latest iPhone 15 series.

“The onset of 2024 brought a promising start for OEMs, with better inventory levels allowing them to fill channels with multiple new launches. However, sales were less than expected due to a drop in retail footfalls and a section of consumers cutting down on discretionary spending," said Shubham Singh, Research Analyst.

Samsung Grabbed Top Spot In Value Terms

Samsung dominated the market in terms of value, commanding a one-fourth share. The company achieved a record-high average selling price (ASP) of approximately $425, propelled by its robust presence in the >Rs 20,000 segment.

Chinese handset maker Vivo secured the top position by volume for the first time, grabbing a 19 per cent share driven by its 5G leadership and CMF (Colour, Material, Finish) positioning, in addition to robust imaging capabilities. Major OEMs concentrated on broadening their channel strategies during this quarter, resulting in increased shipments through offline channels, with inventory accumulation observed by the quarter's end.