Counterpoint Research: Indian smartphone shipments in Q3 grew 3% year-on-year, reaching a record high.

According to the latest research from Counterpoint's monthly India Smartphone Tracker, in the third quarter of 2024 (July-September), India's smartphone sales increased by 3% year-on-year, while its value increased by 12% year-on-year, reaching a record high for a single quarter. The value growth was attributed to the continued trend of premiumization, while the sales growth was due to this year's festival season starting earlier compared to 2023. Smartphone brand manufacturers actively filled channels to ensure retailers were prepared for the expected sales surge during the festive period. However, compared to last year, the festive sales this year had a slower start. Senior Research Analyst Prachir Singh commented on market value dynamics, stating, "The market is increasingly shifting towards value growth, thanks to the premiumization trend, which is fueled by significant EMI offers and trade-in promotions for new ones. Samsung currently leads the market in terms of value with a 23% share. The brand has always prioritized its flagship Galaxy S series and strengthened its value-driven product portfolio. Samsung has also integrated Galaxy AI features into its A series of mid-range and budget-friendly premium models, encouraging consumers to upgrade to higher-priced products. Apple Inc. (AAPL.US) closely follows Samsung with a 22% value share in the second position. The brand expanded aggressively into smaller cities, driving significant value growth by enhancing focus on new iPhone models. Strong shipments of the iPhone 15 and iPhone 16 before the festive season further boosted Apple Inc.'s performance. With consumers increasingly investing in high-end smartphones, Apple Inc. has consolidated its position as the preferred choice for premium buyers in India with its premium brand image and expanding market coverage." In commenting on market sales dynamics, research analyst Shubham Singh stated, "In the third quarter of 2024, smartphone brands and channel partners held multiple sales events, including parallel offline activities to help some smartphone brands clear existing inventory. This subsequently enabled them to fill channel gaps with multiple new products before the festive season. vivo maintained a healthy inventory level throughout the year, reclaiming the top spot in the Indian smartphone market with a 26% year-on-year growth, attributed to its diversified product portfolio and successful expansion of the T series. Xiaomi ranked second with a 3% year-on-year growth, mainly due to balanced development of its Wuxi Online Offline Communication Information Technology Co., Ltd. channel. OPPO grew by 41% year-on-year, becoming the fastest-growing brand among the top five brands, mainly driven by its new product launches and aggressive market strategies."