Premium Smartphones Dominate As India's Market Value Peaks In Early 2024

India’s smartphone market in the Q1 of 2024 witnessed a significant shift towards high-end models, a record-setting trend in premium smartphone purchases. 

According to the latest report from Counterpoint Research, the premium segment of smartphones, defined as those priced above Rs 30,000, captured a 20 per cent volume share, the highest ever in the country. This segment also accounted for 51 per cent of the overall market value.

Shilpi Jain, a senior research analyst at Counterpoint, commented on the trend, stating that the market achieved its highest-ever Q1 value, propelled by a rising consumer interest in upgrading to more advanced smartphones across various price tiers. 

Jain highlighted that more than one-third of mid-tier smartphone users are now choosing to switch to premium models. This shift is being supported by attractive financing options, lucrative trade-in deals and bundled offers that make high-end devices more accessible.

Samsung and Apple have emerged as prominent beneficiaries of this trend. Samsung led the market in value terms, capturing nearly 25 per cent market share, largely thanks to its newly launched Galaxy S24 series, which boasts advanced features like GenAI technology. Meanwhile, Apple dominated the premium segment in both volume and value, driven by strong sales of its iPhone 15 series, particularly through offline channels.

The report also noted a record quarter for 5G smartphone shipments in India, which accounted for 71 per cent of all shipments, the highest share ever recorded. This growth is indicative of the rapid adoption of 5G technology across the nation.

Other brands also showed significant movements in the market. Vivo led the volume share with 19 per cent, while the brand Nothing experienced the fastest year-over-year growth at 144 per cent, primarily due to the popularity of its mid-range Nothing 2(a) smartphone. Xiaomi and brands under Transsion also saw noteworthy growth, with increases of 28 per cent, 20 per cent and 18 per cent respectively.