India is the second-largest smartphone market in the world, but growth was flat for the year 2023 overall, according to the latest report from Counterpoint Research. However, there was some good news in the fourth quarter as smartphone shipments grew by 25 per cent YoY.
Samsung stood at the number one position overall for all of 2023– though Xiaomi regained the top spot in the fourth quarter. Overall, Xiaomi slipped to third spot in 2023. vivo was number two in the fourth quarter and overall for all of 2023.
According to Counterpoint, Samsung saw its growth driven by “strong performance of the A series, aggressive marketing in offline, and focussed approach in the premium segment.”
“vivo ranked second with a 17% share and led the affordable premium segment in 2023 driven by CMF (Colour, Material, Finish)-focused V29 series in offline and T series in online. Xiaomi slipped to the third spot in 2023 but captured the top spot in Q4 2023 driven by its strategy to launch 5G phones in the affordable segment, offline expansion and a leaner portfolio,” Shubham Singh, Research Analyst, said in a press statement.
According to the report, India’s smartphone market also continues with a trend of premiumization– as phones priced above Rs 30,000 saw a 64 per cent YoY growth in 2023. The research firm notes that this is “driven by easy financing schemes,” and that interestingly, “one out of every three smartphones was purchased through financing in 2023.”
Apple was also a big winner in 2023 with its India shipments crossing the 10-million mark in India. Further, Counterpoint’s report notes that Apple has captured the top position in revenue for the first time ever in a calendar year and that “robust demand for both its latest and older iPhones,” is also boosting sales.
Another brand which saw double digit growth in 2023 was OnePlus. According to Counterpoint, OnePlus’ strategy of “offline expansion and better product portfolio in the affordable premium segment (Rs 30,000- Rs 45,000)” has helped it grow further.
