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Apple Takes the Lead in India's Premium Smartphone Market Amidst Surging Demand

Smartphone shipments in India recorded phenomenal growth in the first quarter (Q1) of 2024, with an eight percent year-on-year (YoY) volume increase and an 18 percent price increase, according to a new report from Counterpoint's Monthly India Smartphone Tracker It happened to show it from the base.

Additionally, the price increase was due to the premiumization and launch of new models such as the Samsung Galaxy S24 and OnePlus 12 series. In the first quarter of 2024, the premium segment of smartphones priced above Rs 30,000 had the largest volume share rising to 20 percent and accounting for 51 percent of the total market value.

Shilpi Jain, senior research analyst at Counterpoint Research, confirmed that India’s smartphone market hit its highest value in Q1 this quarter. This increase was due to consumers moving up to more expensive smartphones in different price ranges, with factors such as easy financing, shopping incentives, collectibles, and a desire for advanced features that it was aided by AI, gaming, and advanced photography.

 Apple's outstanding quarter in India

Apple had an outstanding quarter in India, demonstrating its dominance on both the value and volume side of the premium segment, which was largely driven by the latest iPhone 15 series.

“The beginning of 2024 was a promising start for OEMs, with good inventories enabling more new product launches to fill the gaps. However, sales were lower than expected due to lower retail footfall and discretionary spending cuts by the consumer segment," said research analyst Shubh Masingh.

Samsung topped the list in terms of value

In terms of value, Samsung dominated the market, commanding a quarter share. The company recorded the highest Average Selling Price (ASP) of around $425, driven by a strong presence in the >Rs 20,000 segment.

Chinese handset manufacturer Vivo took the number one spot for the first time, gaining a 19 percent share driven by its 5G leadership and CMF (Colour, Material, Finish) positioning, in addition to strong imaging capabilities. Major OEMs focused on expanding their road networks this quarter, leading to an increase in offline shipments, and saw accumulation in quarter the end of the three.

Conclusion: Apple’s success in the Indian smartphone boom at a time defined by rapid technological advances and changing consumer preferences is a testament to the brand’s ability to innovate, adapt, and connect with consumers globally.