India smartphone market remains stable in 2023 as shipments fall 2% to 148.6 mn units: Canalys
India smartphone market remained stable in 2023 as shipments minorly fell 2% to 148.6 million units, according to the latest data released by Canalys on Thursday. The research firm now expects a mid-single-digit growth this year driven by affordable 5G handsets and the pandemic period replacement cycle, however, rising bill-of-materials may become a challenge.
“The market demonstrated resilience,” said Canalys, attributing it to improved consumer confidence in the latter part of the year, and despite vendors facing inventory challenges, minimal inflation improvements, and fluctuating demand for most of the year.
Samsung was the market leader in Q4 2023 with 7.6 million units shipped for a 20% share, whereas for the full year, it clocked shipments of 28.4 million units and a 19% share.
Second-ranked Vivo’s shipments grew in CY2023 by 3% year-over-year to 26.1 million units and its market share expanded from 17% in 2022 to 18% in 2023. Third-ranked Xiaomi’s shipments tanked 15% year-over-year to 25.1 million which eroded its market share from 20% in 2022 to 17% in 2023
Realme, in the fourth position, recorded the highest fall in shipments at 16% year-over-year to 17.4 million units, and its market share shrunk from 14% in 2022 to 12% in 2023.
