Highlights
- The Indian smartphone market’s Revenue rose 9% YoY in 2024 to reach a record high.
- Vivo came on top in volume for the first time in FY2024.
- Apple led market value for the second year and ranked among the top 5 in Q4 2024.
- The iPhone 15 was the most shipped device in Q4 2024.
Counterpoint Research’s latest report reveals big changes in India’s smartphone market for 2024. Samsung has lost its No. 1 position, dropping to third place. Vivo has taken the lead with 19% of total shipments, while Xiaomi follows closely at 17%.
Just Published: India Smartphone Market’s Revenue Hits All-time High in 2024, Volume Growth Remains Stable
Key Takeaways:
📌The Indian #smartphone market’s Revenue on the basis of the wholesale price rose 9% YoY in 2024 to reach a record high.
📌Apple led the market in terms of… pic.twitter.com/5TgmcUK4Qy— Counterpoint Research (@CounterPointTR) January 30, 2025
Research Director Tarun Pathak said that smartphone markets witnessed recovery in 2024 and normalisation, “as macroeconomic pressures softened.”
Despite overall shipments increasing by just 1%, wholesale revenue rose by 9%, showing a shift toward higher-priced smartphones. 5G smartphones made up 78% of total shipments, meaning nearly three out of every four phones now support 5G.
Vivo’s success came from its strong offline network, supported by its sub-brand iQOO. Xiaomi overtook Samsung, as the Korean brand focused more on its premium Galaxy S series, leading to a decline in budget phone sales.
Apple, on the other hand, remained the market leader in value, with the iPhone 15 being the most shipped device in Q4 2024.
Commenting on the market dynamics, Senior Research Analyst Shilpi Jain said, “India’s smartphone market is showing signs of maturity, with stable volumes affected by low entry of new users into the ecosystem. Replacement cycles are increasing as entry- and mid-range devices continue to improve each year. At the same time, there is a shift toward higher-priced devices, with shipments of premium segment devices (>INR 30,000) growing by double-digit percentages, driving a 9% YoY growth in wholesale value – the highest ever recorded.”
Jain added, “Consumer preference for premium smartphones is accelerating, driven by accessibility and affordability through trade-in programs and flexible financing options, turning consumer aspirations into reality. However, overall shipment growth remained marginal due to inflationary pressures, which significantly impacted the entry-level segment (sub-INR 10,000), resulting in a one-third decline. Looking ahead, market volumes in 2025 are expected to grow in single-digit percentage, while value is projected to reach another all-time high, with premiumization continuing as the key driver.”
On the competition dynamics, Research Analyst Shubham Singh said, “vivo emerged as the market leader for the first time, growing 16% YoY, aided by a robust offline network and supported by its sub-brand iQOO. Xiaomi secured the second spot, returning to growth with a 6% YoY increase in shipments after seeing declines in 2022 and 2023. Samsung slipped to third, as its value-driven strategies led to a reduced position in lower price bands, impacting overall shipments. However, Samsung’s premium devices continued to perform well, particularly its S series, which helped the brand gain share in the premium segment.”
Singh also added, “OPPO fell to fourth place with a 10% YoY decline, primarily due to product and channel challenges in H1 2023. However, it regained momentum with a revamped product portfolio, including the K and A series. 2024 was another strong year for Apple, as it ranked among the top five in Q4 2024. The iPhone 15 became the highest-shipped device of the quarter, helping Apple achieve record shipments in a single quarter and ending the year with the highest market value share.”
Singh continued, “However, India’s smartphone market slipped 4% YoY in Q4 2024 due to post-festive slumps, with OEMs focusing on clearing Q3 inventory. Meanwhile, the value grew by 5%, driven by demand for premium devices and new launches in December.”
Other Key Insights –
- Nothing was the fastest-growing brand in 2024 achieving 577% YoY growth, which was mainly due to its 2a series and CMF sub-brand.
- Motorola continued its strong growth expanding 82% YoY in 2024 and doubling its shipments compared to 2022.
- 5G smartphone adoption hit 78% in 2024 with more entry-level phones now featuring 5G chipsets.
- MediaTek led the chipset market with its highest-ever 52% share followed by Qualcomm at 25%.
- Premium smartphones now make up one in five shipments with brands using AI, Dolby Vision and Dolby Atmos to enhance user experiences.
- Realme expanded its offline presence with 52% of its total shipments coming from offline sales, up from 49% in 2023.
- itel dominated the feature phone market holding a 32% market share, thanks to its strong distribution in smaller cities.
The report shows that India’s smartphone landscape is changing pace with 5G adoption rising and premium phone demand increasing. Nonetheless, it’ll be interesting to see if Samsung can reclaim its top spot or if Vivo will continue to lead in 2025.
FAQs
Q1. What was the overall revenue growth for India’s smartphone market in 2024?
Answer. The Indian smartphone market’s revenue rose 9% year-over-year (YoY) in 2024, reaching a record high.
Q2. Which company became the top smartphone brand in India by volume in 2024?
Answer. Vivo became the top smartphone brand by volume in India for the first time in FY2024, with 19% of total shipments.
Q3. What was the most shipped device in Q4 2024?
Answer. The iPhone 15 was the most shipped device in Q4 2024.
Q4. What percentage of total smartphone shipments in 2024 supported 5G?
Answer. 5G smartphones made up 78% of total shipments in 2024.
Q5. Which brand was the fastest-growing in the Indian smartphone market in 2024?
Answer. Nothing was the fastest-growing brand in 2024, achieving 577% YoY growth, mainly due to its 2a series and CMF sub-brand.
Q6. What is Counterpoint Research?
Answer. According to the official website, “Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.”
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