Smartphone shipment volumes surge in Q1, outlook stays strong
Indian smartphone market registered 8-10% year-on-year growth in shipment volumes in the first quarter of 2024 and is set to grow in high single-digits this calendar year, driven by premiumisation trend and 5G adoption, market trackers Counterpoint Research and Cybermedia Research said.
As per Counterpoint, volume shipments grew 8% in the quarter ended March while revenue jumped 18%. However, sales were less than expected due to a drop in retail footfalls and a section of consumers cutting down on discretionary spending even as better inventory levels allowed brands to fill channels with multiple new launches, it said.
Cybermedia Research (CMR) said the market recorded 10% year-on-year growth in Q1 2024, with 5G shipments surging 70%, driven by budget 5G handsets (₹10,000-15,000 price band) that grew 400% on year.
Counterpoint said Vivo took the lead for the first time in the March quarter with 19% volume share, even as Samsung led in terms of revenue. Xiaomi was the second-largest brand, with volumes surging 28% on-year during the quarter, cornering 18.8% of the market, pushing Samsung to third spot.
CMR, however, said Samsung led the market in volume terms with 19% share, followed by Xiaomi, also with 19% share, and Vivo with 16% share. Oppo and Realme completed the top five with 10% share each, it said. CMR expects the market to grow 7-8% year-on-year in 2024.
The research firm said the budget segment (under ₹7,000) registered 16% year-on-year growth in the March quarter, after declining for many quarters.
