Samsung is poised to surpass Xiaomi in the smartphone market share race, dethroning it from the long-held top position, says a report by Business Standard (BS), citing market intelligence firm Counterpoint Research. According to the market research firm's forecast, that by the end of CY23, Samsung will secure an 18 per cent volume market share, marking a significant shift in leadership from Xiaomi.
Counterpoint Research further projected that Xiaomi's volume market share in CY23 will hit 15 per cent, causing the Chinese handset maker to drop to third place amid various challenges and scrutiny from investigative agencies.
It should be noted that the Indian smartphone market is witnessing a trend of ultra-premiumization (>INR 45,000 or ~$540) and the segment is steadily gaining momentum with each passing quarter. In the third quarter (Q3) of this year, the smartphone segment grew 44 per cent YoY driven by the availability of easy financing options, implementation of various incentive programmes in the market, and growing consumer aspirations for the latest technology.
iPhone maker Apple recorded its highest ever quarterly shipments in Q3, crossing 2.5 million devices. Samsung and Xiaomi were in a cutthroat competition with the former grabbing a market share of 17.2 per cent share. Samsung remained the market leader for the fourth consecutive quarter while Xiaomi grabbed the second spot with a 16.6 per cent market share, followed by Vivo at 15.9 share. The BS report added that Counterpoint analysts predicted that Xiaomi will be behind its Chinese competitor, Vivo, which is projected to capture 17 per cent in CY23.
It should be noted that India’s smartphone shipments remained flat in the July-September quarter and only Apple recorded its highest ever quarterly shipments during the period, according to Counterpoint’s Monthly India Smartphone Tracker. After falling for almost a year, India’s smartphone market is showing signs of recovery with a gradual pick-up in consumer demand going into the all-important festive season.
Interestingly, there is an increasing demand for foldables in the ultra-premium segment due to their different form factor, which transforms the way users perceive and utilize smartphones. The future looks promising for the foldables segments as more OEMs are entering the category. Some of the prominent foldables launched this year include the Galaxy Z Fold 5, the Galaxy Z Flip 5, the OnePlus Open, the Oppo Find N3 Flip and the Tecno Phanton V Flip, among others.