India Premium Smartphone Segment Grows 112% YoY in Q2 2023

New Delhi, Hong Kong, Seoul, London, Beijing, San Diego, Buenos Aires – July 28, 2023

India’s smartphone shipments declined 3% YoY in Q2 2023 (April-June), according to the latest research from Counterpoint’s Monthly India Smartphone Tracker. Though this decline was the fourth consecutive quarterly decline, its magnitude reduced significantly, from 19% in Q1 to 3% in Q2. Base effect, pent-up demand and improving macroeconomic conditions helped the market close at less than the expected decline. However, the premium smartphone segment presented a different picture, growing 112% YoY in Q2 to contribute a record 17% to the overall shipments.

Commenting on the market dynamics, Senior Research Analyst Shilpi Jain said, “In Q2 2023, OEMs saw improvement in the inventory and demand situation ahead of the coming festive season. Aggressive measures were implemented by OEMs as well as channels during the quarter to clear existing inventory through multiple sales and promotions. At the consumers’ end, falling inflation and better growth prospects facilitated demand recovery. 5G upgrades also played a major role as OEMs kept launching 5G devices in the INR 10,000-INR 15,000 (~$122-$244) segment for a wider reach. We believe brands will be coming up with interesting launches and offers to lure consumers during the festive season and 5G will be a big growth driver here.”

Commenting on the competitive landscape and brand-level analysis, Research Analyst Shubham Singh said, “Samsung remained at the top position for the third consecutive quarter with an 18% market share. The brand also surpassed Apple to regain its top position in the premium smartphone segment (>INR 30,000, ~$366) after one year with a 34% share. Aggressive offers on the Z Flip3 and S21 FE, Samsung Finance+ and high demand for the latest premium A-series and F-series devices drove this growth. However, Apple continued to lead the ultra-premium segment (>INR 45,000 or ~$549) with a 59% share. India is now among Apple’s top-five markets.”

“vivo maintained its second spot in the overall market and was the only brand among the top five to experience YoY growth. Strong offline presence, growth of sub-brand iQOO in online, and multiple launches across price tiers facilitated this growth. OPPO has been consistently expanding its shipments in the higher-tier segments, with a particular focus on the upper mid-tier range (INR 20,000-INR 30,000 or ~$244-$366), showcasing its strategy to cater to diverse consumer needs. OPPO emerged as the top brand in this segment with a 21% market share. OnePlus was the fastest growing brand in India’s smartphone market in Q2 with 68% YoY growth.”

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The Market Monitor research relies on sell-in (shipments) estimates based on vendors’ IR results and vendor polling, triangulated with sell-through (sales), supply chain checks and secondary research.

You can also visit our Data Section (updated quarterly) to view the smartphone market shares for World, US, China and India.

Background

Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts

Shilpi Jain

Shubham Nimkar

Tarun Pathak

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Shilpi is an Analyst with Counterpoint Technology Market Research, based out of Gurgaon. She has more than 5 years of work experience in consulting and market research field. She led various research and consulting projects for multiple sectors including Telecom. She holds a Master's in Business Administration from Fore School of Management, specializing in Finance; and a Bachelor's degree in Economics from Daulat Ram College, Delhi University

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