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The Indian smartphone market in 2024 witnessed a significant shift in market leadership, with Vivo emerging as the top-selling brand, a first for the company. This unexpected rise to the top signals a considerable change in consumer preference and market dynamics. Trailing closely behind Vivo was Xiaomi, holding a strong second position, demonstrating its continued relevance in the competitive Indian market. Samsung, a long-time market leader, slipped to third place, highlighting the intensifying competition and the evolving landscape of the industry. Oppo, despite a fourth-place finish, showed signs of improvement towards the year's end, suggesting potential for future growth and market share recapture. Apple, meanwhile, celebrated its most successful year yet in India, underscoring the increasing appeal of premium smartphones in the country.
A key driver of the overall market performance in 2024 was the remarkable increase in sales of premium smartphones, those priced above Rs 30,000. This segment experienced a substantial growth in revenue, reaching a record high with a 9 percent increase. This trend points to a maturing market, where consumers are increasingly willing to invest in higher-end devices with advanced features and capabilities. The increased affordability of premium phones, facilitated by easy financing options and attractive exchange offers, played a crucial role in driving this surge. In contrast, the budget smartphone segment, encompassing phones priced under Rs 10,000, suffered a considerable downturn, with sales plummeting by nearly a third. This decline can be attributed to inflationary pressures and rising costs, making budget models less attractive to consumers. The combined effect of these contrasting trends highlights the polarization of the Indian smartphone market, with a clear shift towards higher-priced devices.
The year 2024 also marked the mainstream adoption of 5G technology in India's smartphone market. A significant 78 percent of all smartphones sold incorporated 5G capabilities, reflecting the rapid expansion of 5G networks and the increasing demand for high-speed connectivity. This widespread adoption showcases the country's progress in technological advancement and the consumers' growing appetite for cutting-edge mobile technology. MediaTek emerged as the dominant chipset provider, powering an impressive 52 percent of all smartphones sold. This commanding lead underscores MediaTek's strategic success in supplying cost-effective and high-performing chipsets that cater to the demands of a vast and diverse market. Qualcomm, the traditional market leader, secured a 25 percent share, highlighting the growing competition in the chipset market. The rise of MediaTek signifies a remarkable shift in market dynamics and the growing sophistication of chipset technology.
Beyond the major players, the Indian smartphone market saw several noteworthy developments. Nothing, a relatively new entrant, experienced explosive growth, recording a phenomenal 577 percent increase in sales compared to the previous year. This extraordinary surge demonstrates the brand's ability to disrupt the market with innovative products and compelling marketing strategies. Motorola, once a prominent player, made a strong comeback, doubling its sales since 2022, showcasing a successful revival strategy in a highly competitive landscape. While the final quarter of 2024 showed a slight dip in overall smartphone sales, with a 4 percent decrease after the usual festive season rush, the premium flagship category continued to thrive. This trend reinforces the growing preference for high-end devices with advanced features, particularly in areas like camera technology, AI capabilities, and overall performance, reinforcing the market's overall shift towards higher-quality, more feature-rich devices.
The overall picture reveals a maturing Indian smartphone market characterized by a growing preference for premium devices, rapid 5G adoption, and a dynamic competitive landscape. While the budget segment struggled, the premium segment thrived, driving overall revenue growth despite a modest increase in overall unit sales. This indicates a significant shift in consumer behavior, with a focus on quality, performance, and advanced features, rather than solely on price. The success of new entrants like Nothing and the resurgence of established brands like Motorola underline the fluidity and dynamism of the Indian smartphone market, making it a fascinating and constantly evolving space to observe.
Source: Vivo takes no 1 spot in India’s smartphone market, Samsung slips to third