Mobiles & Gadgets

Indian Smartphone Market Witnesses a Plateau in 2023 Despite Q4 Surge; Apple Shines with Over 10 Million Devices Sold

Indian Smartphone Market

Indian Smartphone Market Remains Stagnant in 2023 Despite Q4 Surge, as Apple Surpasses 10 Million Milestone. In 2023, 152 million smartphones were shipped in India. While the first three quarters reported a decline in shipments, the fourth quarter saw shipments rise by 25%.

A report from Counterpoint Research indicates that the Indian smartphone market faced challenges in the first six months due to “macroeconomic turbulence” that led to low demand and a buildup of inventory. Due to festive sales and customers upgrading their 4G smartphones to 5G smartphones, the smartphone market recovered in the second half of the year.

Last quarter (October-December) exited the market with healthy inventory levels, which set the stage for next year’s growth. According to Shilpi Jain, Senior Research Analyst at Counterpoint Research, we expect the market to grow by 5% YoY next year due to premiumization, 5G diffusion in lower price bands, and improved macroeconomic conditions.

Indian Smartphone Market Shares 2022 and 2023

Source: Counterpoint Research

In 2023, Samsung will hold a market share of 18%, down from 19.4% in 2022. Analysts believe the company’s performance can be attributed to strong sales of the Galaxy A series, focused marketing in the premium segment with its Galaxy S series, and aggressive marketing in the offline segment.

The second place goes to Vivo

With a market share of 17%, Vivo led the affordable premium segment in the country, just behind Samsung. It ranked second in smartphone shipments, just behind Samsung. As well as its T series smartphones, the company’s V29 series boosted its shipments.

In Q4 2023, Xiaomi moves up to the third spot but remains at the top

COMPANYQ4 2023Q4 2022
Source: Counterpoint Research

In 2023, Xiaomi dropped from the top spot to third place, with a market share of 20.3% down from 20.3% in 2022. However, in the last quarter, the company managed to return to the top spot. The company occupied a market share of 18.3% in Q4 2023, up from 18% in Q4 2022.

The 10 million mark is crossed by Apple

As a result of its older and newer iPhones performing well, Apple crossed the 10 million shipments mark in India in 2023 for the first time.

Offline shipments increased due to the opening of own retail stores and an increasing focus on LFR (large-format retail) through regular promotions. Additionally, higher trade-in values made it appealing to consumers to switch to iOS, says Shubham Singh, Research Analyst at Counterpoint Research.

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