India’s smartphone market reached a record high in 2024, driven by premium and 5G devices. Vivo led by volume, while brands like Nothing, Xiaomi, and Motorola saw significant growth.

India’s smartphone market reached an all-time high in revenue in 2024, driven by premium device sales and increasing demand for 5G smartphones. London-based Nothing emerged as the fastest-growing brand of the year, achieving a staggering 577% year-on-year (YoY) growth, thanks to the success of its Nothing Phone 2a series and sub-brand CMF.

According to Counterpoint Research, the Indian smartphone market’s wholesale revenue grew by 9% YoY in 2024, setting a new record. Shipments, however, remained stable, rising just 1% YoY to 153 million units. The year started on a strong note, supported by steady inventory levels and a positive market outlook, but growth slowed in the later months due to macroeconomic pressures and softened consumer demand. While the entry-level smartphone segment (below Rs 10,000) saw a significant decline due to inflation, premium smartphones (above Rs 30,000) gained popularity, contributing to the record revenue.

vivo became the top smartphone brand in India by volume for the first time in 2024, registering a 16% YoY growth. Xiaomi secured second place, returning to growth with a 6% YoY increase after struggling in the previous two years. Samsung, which focused on premium devices like the S series, fell to third place due to a weaker presence in lower price segments. Apple continued its upward trajectory, ranking among the top five brands for the first time in Q4 2024, with the iPhone 15 becoming the highest-shipped device of the quarter.

Despite strong annual revenue, Q4 2024 saw a 4% YoY decline in shipments due to a post-festive season slump and a focus on clearing existing inventory. However, the value of the market grew by 5%, reflecting continued demand for higher-priced devices.

Other key developments included the rapid growth of Motorola, which saw an 82% YoY increase in shipments, and the increasing presence of 5G smartphones, which accounted for 78% of total shipments. MediaTek led the chipset market with a 52% share, followed by Qualcomm at 25%. Meanwhile, realme expanded its offline presence, with 52% of its shipments coming from brick-and-mortar stores.

With premium smartphones now making up one in five shipments, brands are leveraging AI-driven features, advanced displays, and enhanced audio-visual technologies to attract consumers. As smartphone users in India increasingly engage with high-quality content creation and consumption, the demand for feature-rich premium devices is expected to continue growing in 2025.

SourceFinancialExpress.com 

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