India's Smartphone Sector Sees 9% Revenue Growth in 2024, Apple at the Forefront
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Synopsis
As reported on January 30, 2024, New Delhi, the Indian smartphone market has witnessed a remarkable 9% year-on-year growth in wholesale revenue, with Apple leading the way for the second consecutive year. Premium smartphones have driven this growth despite economic challenges.
Key Takeaways
- Indian smartphone market revenue increased by 9% YoY in 2024.
- Apple retains market leadership for the second year.
- Smartphone shipments reached 153 million units.
- Shift towards premium devices boosts revenue.
- 5G smartphones comprised 78% of shipments.
New Delhi, Jan 30 (NationPress) The wholesale revenue of the Indian smartphone market surged by 9 percent year-on-year (YoY), reaching an unprecedented peak in 2024, according to a report released on Thursday.
Apple has retained its status as the market leader in value for the second straight year, and notably, in Q4 2024, it also broke into the top 5 brands by volume, as reported by Counterpoint Research.
Despite facing hurdles such as waning consumer demand and macroeconomic challenges towards the end of the year, smartphone shipments grew to 153 million units last year.
A significant factor in this upward trend was the transition towards premium smartphones. Devices priced over Rs 30,000 played a crucial role in enhancing the market's overall revenue, now representing one in five shipments in India, the report highlighted.
According to Shilpi Jain, senior research analyst at Counterpoint, “India’s smartphone market is maturing, with steady volume growth driven by extended replacement cycles.”
She further mentioned that the increasing preference for premium smartphones has led to the highest revenue ever recorded in the market.
A clear transition towards more expensive devices is evident, supported by accessible financing solutions and trade-in programs. Although the entry-level segment has faced difficulties, the demand for high-end smartphones continues to be robust, she added.
In 2024, 5G smartphones constituted nearly 78 percent of all shipments, facilitated by the broader availability of affordable 5G chipsets across various price categories, according to the report.
For the first time in 2024, Vivo emerged as the market leader in terms of volume.
The Nothing brand witnessed a staggering 577 percent YoY growth in 2024, driven by the success of its 2a series and its sub-brand CMF.
