Smartphone Soars: India Witnesses 25% YoY Growth in Q4 2023 Shipments, as Xiaomi Secures the Pinnacle, States Counterpoint

In a resounding testament to the dynamic pulse of India’s smartphone market, the final quarter of 2023 witnessed a remarkable 25% year-on-year surge in smartphone shipments, according to a comprehensive report by Counterpoint. This surge brought the total shipments to 152 million units, signaling a vibrant, albeit challenging, landscape.

Key Points:

Q4 2023 Surge: Indian smartphone shipments experienced a remarkable 25% YoY growth in Q4 2023, totaling 152 million units.

Xiaomi’s Resurgence: Xiaomi captured an impressive 18% market share, reclaiming the top spot for the first time since Q3 2022, driven by its entry into the affordable 5G segment.

Market Dynamics: Vivo maintained the second position, while Samsung slipped to third after four consecutive quarters of leadership. Realme and Oppo secured the fourth and fifth spots, respectively.

5G Adoption: 5G smartphones contributed significantly, constituting 61% of total shipments. The INR 10,000 – INR 15,000 price band saw 24% of total 5G shipments.

Premium Segment Growth: The premium segment (INR 45,000 and above) experienced a robust 51% growth, with Apple leading the segment with a 17% market share.

Realme’s Remarkable Growth: Realme emerged as the fastest-growing brand, achieving a remarkable 69% YoY growth.

Market Highlights:

Challenges in 2023: The overall smartphone shipments landscape in 2023 remained flat at 152 million units due to challenges arising from macroeconomic turbulence, resulting in low demand and inventory build-up in the first half.

Recovery in H2 2023: Recovery gained momentum in the second half, supported by 5G upgrades and stronger-than-expected festive sales.

Samsung’s Calendar-Year Triumph: Samsung secured the top position for the entire year, marking its first calendar-year leadership since 2017. The success was attributed to strong performances in the first three quarters and notable product launches.

Apple’s Financial Milestone: Although not in the top five shipments, Apple surpassed the ten million revenue mark for the first time in a calendar year, highlighting sustained growth and financial strength.

Conclusion:

The smartphone landscape in India witnessed a surge and transformation in Q4 2023, with Xiaomi reclaiming the top spot and reshaping market dynamics. The remarkable growth in 5G adoption, realme’s ascension, and the resilience of premium segments underline the industry’s adaptability to changing consumer preferences. As challenges in the wider economic landscape were navigated, the recovery in the second half and Samsung’s calendar-year triumph showcased the resilience of the market. With Apple’s financial milestone, the industry exhibits a blend of dynamism, innovation, and sustained growth, setting the stage for continued evolution in India’s smartphone saga.

Via @ counterpointresearch