The Indian smartphone market exhibited signs of recovery, registering 35.3 million units in the quarter ending March 2024, denoting a 15% year-on-year expansion, according to a report unveiled on Thursday. Canalys, a leading market research entity, credited the accelerated growth rate to a reduced base in Q1 2023, characterized by inventory accumulation, inflationary forces, and subdued demand.
The report underscored Samsung’s position as the foremost smartphone brand, dispatching 6.7 million units and securing a 19% market stake, trailed closely by Xiaomi and Vivo, each commanding an 18% share. Oppo and Realme rounded off the top five with market shares of 13% and 9%, respectively. While Samsung sustained its momentum with a 6% overall shipment surge, Xiaomi witnessed a resurgence propelled by the popularity of budget Redmi phones and the early launch of Poco’s coveted X6 series. Canalys’ senior analyst, Mr. Sanyam Chaurasia, observed the ascent of brands like Motorola, Infinix, and Apple, crediting Apple’s achievements to price reductions and promotional offers on its iPhone 15 model. Additionally, the market witnessed the introduction of new models at elevated price points to target the premium segment. Nevertheless, the research firm cautioned against potential price escalations due to operational constraints, escalating component expenses, and governmental localization directives, stressing the importance for vendors to prioritize distribution restructuring and capitalize on local manufacturing.
