India’s smartphone market achieved a significant milestone in the third quarter of 2024, becoming the world’s second-largest by unit volume, as reported by Counterpoint Research. India accounted for 15.5% of global smartphone shipments during this period, trailing only China, which held a 22% share. Meanwhile, the United States followed with a 12% share. In terms of market value, India placed third, holding 12.3% of the global share, a slight increase from the 12.1% recorded during the same quarter last year. China led the value segment with 31%, while the US maintained a 19% share.
Neil Shah, co-founder of Counterpoint Research, commented on India’s potential for growth. With 690 million smartphone users within a population of 1.4 billion, India holds considerable potential for expansion, especially as more people adopt smartphones.
Smartphone shipments in India experienced a 3% year-on-year increase in Q3 2024, while the market’s value grew by 12%, setting a new quarterly high. This growth is attributed to a rising trend towards premiumization in the market, with the average selling price (ASP) of smartphones increasing by 8% to reach $294. As consumers continue to seek higher-end devices, India’s ASP could soon approach the global average of $349. The early onset of the festive season also contributed to the increase in smartphone sales.
In the premium segment, Samsung and Apple led the market, collectively accounting for 44.6% of the market’s total value. The global smartphone market, in comparison, showed a more modest growth rate of 2%, with shipments reaching 307 million units. Globally, nearly 30% of smartphone sales occurred in the $400+ segment, indicating a broader shift in consumer preference towards premium models.
