India Smartphone Shipments Down 2% in Q2 2024; Nothing Grows 567% in H1 2024
India’s smartphone shipments decreased by 2% year-over-year (YoY) in Q2 2024 (April-June), following a notable increase in Q1 2024. Reasons for Decline – Heatwave reduced foot traffic in stores. – Seasonal slump. – Slower demand from Q1 2024. – OEMs held sales events to reduce inventory.
Xiaomi's Performance – Reclaimed top position with 23% YoY growth. – Streamlined product portfolio. – Promoted flagship devices. – Expanded distribution channels.
Nothing's Rapid Growth – Fastest-growing brand in H1 2024 with 567% YoY growth. – Driven by mid-range Phone (2a) and budget-friendly CMF Phone 1. – Expanded to 300 service centers in India. – Shipped over 4 million units globally. – Reached over $500 million in revenue last year.
Motorola's Growth – 88% YoY growth. – Focus on budget-friendly models. – Emphasis on CMF (Color, Material, Finish) design elements. POCO's Success – Fastest-growing in the INR 10,000-INR 15,000 segment with 318% YoY increase. – Driven by budget-friendly M-series 5G models. realme's Performance – 2% YoY growth. – Expanded portfolio with new P-series models. – Reintroduced the GT series.
5G Adoption – 5G smartphone shipments reached 77% of the total market share. – Driven by decreasing average selling prices (ASPs). – More affordable 5G models launched, including Lava’s Yuva 5G.
Chipset Market Leaders – MediaTek: Led with a 54% market share. – Qualcomm: Dominated the premium segment with a 33% share. Price Segment Growth – INR 20,000-INR 30,000 and above INR 45,000 price bands saw growth rates of 25% and 24% YoY, respectively.
Samsung's Market Leadership – Maintained over 25% market share in value terms. – Z Fold6 series expected to sustain leadership. – Ultra-premium segment grew by 99% YoY in Q2 2024. Apple's Market Position – Ranked third in value terms. – Anticipated rebound due to recent price reductions across its iPhone range.
Premiumization Trends – Highest value for Q2 2024 due to premiumization trends. – Consumers upgrading to higher-value smartphones. – Supported by better trade-in values and financing options. – 24% YoY growth in the ultra-premium segment (>INR 45,000).