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IDC: Indian Smartphone Market Grew by 11% YoY in 1Q24 to 34 Million Units
May 14, 2024 | IDCEstimated reading time: 2 minutes
According to the International Data Corporation ’s (IDC) Worldwide Quarterly Mobile Phone Tracker, India’s smartphone market shipped 34 million smartphones in 1Q24, with 11.5% growth YoY (year-over-year), making it the third consecutive quarter of growth in shipments.
“Several new launches across multiple price segments happened during the quarter, coupled with increased promotional activities, particularly around premium offerings. Brands continued their focus on microfinancing schemes to drive affordability. eTailers organized several sales events and offered discounts on models nearing their end-of-life (EOL), resulting in increased demand and lean inventory,” said Upasana Joshi, Senior Research Manager, Client Devices, IDC India.
Key Highlights for 1Q24:
- Smartphone ASPs (average selling price) remained flat YoY and QoQ at US$263, ending the streak of strong ASP rise for the last several quarters.
- The entry level (sub-US$100) segment declined by 14% YoY to 15% share, down from 20% a year ago. Xiaomi continued to lead this space, followed by Poco (2nd) and itel (3rd).
- Shipments to the mass budget (US$100
- 23 million 5G smartphones were shipped in the quarter. The share of 5G smartphone shipments increased to 69%, up from 46% in 1Q23, while 5G smartphone ASPs dropped to US$337, a decline of 21% YoY in 1Q24. Within 5G, shipments of the mass budget (US$100
- Shipments to online channels grew by 16% YoY, and its share increased to 51% in 1Q24 compared to 49% in 1Q23. Poco, vivo and Motorola registered more than 65% YoY shipment growth in the online channel.
- Overall, vivo emerged as the top brand, replacing Samsung, as it continued to build its portfolio across price segments/channels and support offline partners. Amongst the top 10 brands, Motorola registered the highest growth, led by affordable launches; Samsung - despite the new lineup - witnessed declining shipments.
- Apple, with an ASP of US$953, had a record first-quarter shipment, growing by 19% YoY. Price discounts, special deals on eTailer platforms, and attractive financing options led to this consistent growth for Apple beyond the festive season. iPhone 14/15 made up 56% of shipments for Apple.
“The first few months of the year have provided momentum for the smartphone market in India. However, the second half of the year will be crucial. IDC estimates a modest overall annual growth in the mid-single digits for 2024,” says Navkendar Singh, Associate Vice President, Devices Research, IDC.
“Challenges around attracting first-time smartphone users and mitigating the impact of the secondhand market continue to restrict market growth. Notably, the market’s concentration among the top brands is weakening, with the long tail of smaller brands and sub-brands gaining volume. The share of the top five brands has dropped to 65% from 69% a year ago,” Singh concludes.
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