India’s smartphone market posts 9% revenue growth in 2024
Driven by premium segment
According to Counterpoint’s Monthly India Smartphone Tracker, the Indian smartphone market saw a significant surge in wholesale revenue in 2024, reaching a record high with a 9% year-on-year (YoY) increase. Despite a modest 1% YoY shipment increase, totalling 153 million units, the market shifted towards more expensive devices, driving up value even as volume growth remained flat.
2024 began with optimism, featuring early growth, stable inventory levels, and a positive outlook. However, as the year progressed, momentum slowed due to a combination of softening consumer demand and broader macroeconomic pressures. In particular, the entry-level segment (sub-INR 10,000) suffered from inflationary challenges, with shipments in this category seeing a sharp decline of around one-third.
Counterpoint Senior Research Analyst Shilpi Jain explained: “India’s smartphone market is reaching a point of maturity, with stable volumes affected by fewer new users entering the ecosystem. Replacement cycles are lengthening as entry- and mid-range devices continuously improve. However, there has been a notable shift towards higher-priced devices. Shipments of premium segment phones, priced above INR 30,000, grew at a double-digit rate, which led to the 9% YoY growth in wholesale value—the highest on record.”
Jain also highlighted how consumer preferences increasingly favour premium smartphones. Trade-in programmes and flexible financing options have further supported this trend, making high-end devices more accessible.
As a result, the overall market revenue continues to grow despite limited shipment increases, with premium devices taking centre stage. Counterpoint forecasts modest single-digit percentage growth in market volumes for 2025, with further value growth expected as the premiumisation trend persists.
The landscape saw significant shifts in terms of competition. Vivo emerged as the market leader for the first time, recording a 16% year-over-year growth, primarily attributed to its strong offline presence and support from its sub-brand iQOO. Having faced declines in 2022 and 2023, Xiaomi returned to growth with a 6% year-over-year increase, securing second place.
Samsung, which has traditionally led in volume, fell to third place. Its focus on value-driven products in lower price brackets affected its overall market share. However, Samsung’s premium devices, notably the S series, continued to perform well in the higher-end segment.
OPPO dropped to fourth place, experiencing a 10% YoY decline, mainly due to challenges in the first half 2023. Despite these setbacks, OPPO regained ground later in the year with a refreshed product line, including its K and A series. Meanwhile, Apple marked another strong year, ranking among the top five brands in Q4 2024 and ending with the highest market value share, thanks to record shipments in the final quarter.
The overall smartphone market in India experienced a 4% YoY shipment decline during Q4 2024, driven by a post-festive slump. Despite this, the market saw a 5% growth in value, buoyed by continued demand for premium devices and new launches in December.
In addition to the major players, several smaller brands were impacted in 2024. Nothing, for example, saw an impressive 577% year-over-year growth, largely thanks to the success of its 2a series and sub-brand CMF. Motorola also continued its upward trajectory, growing 82% yearly and doubling its shipments compared to 2022.
The shift towards 5G continued to gain momentum, with 5G smartphones accounting for 78% of total shipments in 2024. This was due to the widespread availability of 5G chipsets in entry-level devices. MediaTek led the Indian smartphone chipset market with a 52% share, while Qualcomm held 25%.
The premium segment now accounts for one in five smartphone shipments in India. As consumer demand for high-quality media experiences grows, OEMs leverage artificial intelligence (AI) advancements to offer more personalised user experiences and enhanced audio-visual technologies like Dolby Vision and Dolby Atmos.
Thanks to its robust distribution network across more miniature cities and towns, it maintained its leadership in the feature phone market, holding a 32% share in 2024.
Counterpoint anticipates that premium smartphones will continue to be a driving force in India’s smartphone market, which is expected to grow more gradually in the coming year.
Image: In addition to the major players, several smaller brands made an impact in 2024. Credit: Sharath G.
Last Updated on 2 hours by Arnold Pinto
