Dialling up hope: India's smartphone sales show signs of recovery
NEW DELHI : Against the backdrop of economic fluctuations and a prolonged downturn in consumer demand, India's smartphone market—the second-largest globally—is showing early signs of a resurgence. Per Mint's research, based on data gathered from four industry analysts, smartphone shipments in India likely ranged from 32.5 million to 35 million units in the first quarter of 2024, signalling a modest revival amid muted consumer sentiment. The Indian smartphone market had peaked in the January-March quarter of 2021 with 38 million units shipped, according to data from International Data Corporation (IDC) India.
Since then, shipments have declined, dropping 3% year-on-year in Q1 2022 and by a further 16% in Q1 2023. After two consecutive years of falling numbers, a 5% growth in smartphone shipments in the first quarter of 2024 may offer much-needed relief for brands and retailers. The revival is critical for major players like Samsung, Xiaomi, and Vivo, which collectively accounted for about $38 billion in domestic device shipments last year.
This figure has been in decline since 2021 when it reached a record high due to the surge in demand prompted by pandemic-induced work-from-home mandates. The ongoing recovery could be vital for these established brands to maintain their focus on India as a key market. To be sure, the shipment estimates are based on preliminary market data.
Detailed reports from Counterpoint India and IDC India are expected in the next three weeks. Samsung, India’s top smartphone brand by market share at the end of 2023, declined to comment. Xiaomi did not respond to Mint’s queries.
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