In-Depth Analysis of India's 2024 Smartphone Market: Vivo Reigns Supreme in Volume, Apple Dominates Value

In-Depth Analysis of India's 2024 Smartphone Market: Vivo Reigns Supreme in Volume, Apple Dominates Value

In-Depth Analysis of India's 2024 Smartphone Market: Vivo Reigns Supreme in Volume, Apple Dominates Value

CounterPoint Research released a comprehensive report on January 30th, detailing the Indian smartphone market in 2024. The report covered both unit shipment and value shipment rankings for Q4 2024 and the full year, providing a clear picture of the market's dynamics and future trends. The data reveals that total smartphone shipments in India reached 153 million units in 2024, a 1% year-on-year increase, while the value of shipments surged by 9%, hitting a record high. This growth was primarily driven by the strong performance of the premium segment (smartphones priced above 30,000, approximately $360 USD), which saw double-digit growth. Conversely, the low-to-mid-range market (around 6,000, approximately $72 USD) experienced a significant contraction, shrinking by one-third.

The report first analyzed the Q4 2024 smartphone shipment rankings. Vivo topped the chart with a 20% market share, followed by Xiaomi at 16%, Samsung at 15%, OPPO at 14%, and Apple at 11%. This marks Apple's first entry into the top five quarterly shipment ranking in the Indian market, while Realme fell out of the top five.

The full-year 2024 shipment rankings paint a similar picture. Vivo secured the top spot with a 19% market share, achieving a remarkable 16% year-on-year growth. Its strong offline sales network and the success of its sub-brand iQOO were cited as key contributors to this victory, marking Vivo's first time as the top smartphone vendor in India. Xiaomi followed closely with a 17% market share, representing a 6% year-on-year growth, marking a strong comeback after consecutive declines in 2022 and 2023. Samsung held the third position with a 16% market share, experiencing a decline in the low-end segment but growth in the premium segment. OPPO secured fourth place with a 15% share, but faced a 10% year-on-year decline. Realme rounded out the top five with an 11% market share. The difference in market share between Xiaomi, Samsung, and OPPO was negligible.

However, the 2024 value shipment rankings reveal a different story. Apple, leveraging its high average selling price (ASP) with the iPhone, commanded a 23% market share, securing the top spot despite not being among the top five in unit shipments. Samsung followed in second place with a 22% share, driven by strong Galaxy S series sales. Vivo held third place with a 16% share, followed by OPPO and Xiaomi with 14% and 9% respectively. This ranking clearly illustrates the differing profit models and product strategies of each brand in the Indian market. Xiaomis performance after two years of market fluctuations warrants close observation, as it potentially positions itself for a return to market leadership.

The report also highlighted the impressive growth of Motorola and Nothing in India. Motorola saw an 82% year-on-year growth in 2024, while Nothings growth was even more astounding, reaching 577%.

In conclusion, the 2024 Indian smartphone market demonstrated diverse growth trends. Vivo secured the top spot in unit shipments through its robust offline network and sub-brand strategy, while Apple dominated value shipments with its premium product strategy. Xiaomi showed signs of a strong comeback after a temporary slump, while Realme fell out of the top five. The future will see intensified competition, requiring domestic brands to seize opportunities to maintain their edge against international players like Samsung and Apple. This shifting landscape will inevitably pressure brands to enhance product competitiveness and optimize their market strategies to meet evolving consumer demands. Indias smartphone market has entered a new phase of intense competition, and only those who adapt effectively will ultimately prevail.