India Smartphone Market's Revenue Hits All-time High in 2024 Looking ahead, market volumes in 2025 are expected to grow in single-digit percentage, while value is projected to reach another all-time high
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The Indian smartphone market's wholesale revenue rose 9 per cent YoY to hit a record high in 2024, according to Counterpoint's Monthly India Smartphone Tracker. In 2024 Apple ranked among the top five in Q4 2024. The iPhone 15 became the highest-shipped device of the quarter, helping Apple achieve record shipments in a single quarter and ending the year with the highest market value share.
"India's smartphone market is showing signs of maturity, with stable volumes affected by low entry of new users into the ecosystem. Replacement cycles are increasing as entry- and mid-range devices continue to improve each year. At the same time, there is a shift toward higher-priced devices, with shipments of premium segment devices (>INR 30,000) growing by double-digit percentages, driving a 9 per cent YoY growth in wholesale value – the highest ever recorded," said senior research analyst, Shilpi Jain.
Smartphone shipments grew 1 per cent YoY in 2024, reaching 153 million units. The year 2024 began on a positive note, with early growth, steady inventory levels and a favorable market outlook. However, momentum slowed as the year progressed due to softened consumer demand and macroeconomic pressures. Value premiumization trends remained strong, driving the overall market to record its highest-ever revenue.
Jain added, "Consumer preference for premium smartphones is accelerating, driven by accessibility and affordability through trade-in programs and flexible financing options, turning consumer aspirations into reality. However, overall shipment growth remained marginal due to inflationary pressures, which significantly impacted the entry-level segment (sub-INR 10,000), resulting in a one-third decline. Looking ahead, market volumes in 2025 are expected to grow in single-digit percentage, while value is projected to reach another all-time high, with premiumization continuing as the key driver."
Vivo emerged as the market leader for the first time, growing 16 percent YoY, aided by a robust offline network and supported by its sub-brand iQOO. Xiaomi secured the second spot, returning to growth with a 6 per cent YoY increase in shipments after seeing declines in 2022 and 2023. Samsung slipped to third, as its value-driven strategies led to a reduced position in lower price bands, impacting overall shipments. However, Samsung's premium devices continued to perform well, particularly its S series, which helped the brand gain share in the premium segment.
OPPO fell to fourth place with a 10 per cent YoY decline, primarily due to product and channel challenges in H1 2023. However, it regained momentum with a revamped product portfolio, including the K and A series. However, India's smartphone market slipped 4% YoY in Q4 2024 due to post-festive slumps, with OEMs focusing on clearing Q3 inventory. Meanwhile, the value grew by 5 per cent, driven by demand for premium devices and new launches in December.
