Indian Smartphone Market Sees 18% Growth in Q2; Apple Tops Shipments

India’s smartphone market saw a strong recovery in the April–June 2024 quarter, growing 18% in value and 8% in volume year-on-year, according to Counterpoint Research. This marks the best-ever second quarter in value terms for the industry, supported by new product launches, better consumer sentiment, and attractive financing schemes.

Apple Records Best-Ever Q2 Shipments in India

Apple’s iPhone 16 emerged as the most-shipped smartphone, aided by extended EMIs, retail promotions, and smoother channel execution. The brand posted its best-ever second-quarter shipments in India, reinforcing its growing presence in the ultra-premium segment.

Macroeconomic Tailwinds Boost Spending

Analysts attribute the strong market rebound to improved macroeconomic conditions, such as lower inflation, repo rate cuts, and tax relief measures, which helped lift consumer sentiment and discretionary spending.

“The market recovery was supported by an improved macroeconomic environment that lifted consumer sentiment and discretionary spending,” said Prachir Singh, Senior Analyst at Counterpoint.

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Ultra-Premium Segment Soars 37% YoY

The ultra-premium segment (above ₹45,000) was the fastest-growing price tier, rising 37% year-on-year. Brands like Apple, Samsung, and OnePlus pushed growth through trade-in offers, no-cost EMIs, and limited-time discounts. This also led to a record-high average selling price (ASP) for the quarter.

Brand Performance Highlights

• Vivo (excluding iQOO) posted 23% growth, driven by strong demand in the ₹10,000–₹15,000 range for its Y and T series.

• Samsung remained the second-largest brand, boosted by summer offers on its A and S series.

• Oppo (excluding OnePlus) claimed the third spot, backed by refreshed A5 and K series and strong offline performance.

• Nothing grew 146%, remaining the fastest-growing brand for the sixth consecutive quarter, helped by the CMF Phone 2 Pro.

• Motorola saw an 86% shipment increase, led by strong demand in smaller towns.

• Lava led the sub-₹10,000 segment with 156% growth, supported by affordable pricing and clean Android UI.

Chipset and Premium Trends

• MediaTek retained the lead with 47% market share, followed by Qualcomm at 31%, which saw 28% growth YoY.

• OnePlus grew 75% in the ultra-premium space, powered by the OnePlus 13, 13R, and 13s.

• Realme debuted in the high-end space with its GT 7 Pro Dream Edition, targeting younger premium buyers.

Quick Take

Q2 2024 showcased a broad-based market revival, driven by favorable economic conditions, aggressive promotions, and a widening premium base. Apple’s performance, combined with rapid growth in offline expansion across brands, sets the stage for sustained momentum in the upcoming festive quarters.

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