Counterpoint Research Report: 2023 Smartphone Shipments in India Reach 1.52 Billion Units
According to the latest report released by the market research firm Counterpoint Research, the annual smartphone shipments in India for 2023 reached 1.52 billion units, remaining flat compared to 2022.
The first half of 2023 witnessed various challenges in the smartphone market due to sustained macroeconomic turbulence, leading to subdued demand and inventory buildup. However, the second half of 2023 saw a revival in the Indian smartphone market driven by the 5G upgrade wave and e-commerce promotional activities.
Samsung led the market with an 18% share in 2023, owing to the strong performance of its Galaxy A series, active offline marketing, and a focused strategy in the high-end market.
Vivo, with a 17% market share, focused on the CMF (Color, Material, Finish) aspect and launched the V29 model offline and the T series online, leading in the mid-range high-end market, closely behind Samsung.
Although Xiaomi slipped to the third position in 2023, its strategic launch of 5G phones in the budget segment, offline expansion, and streamlined product portfolio helped it capture the top spot in the fourth quarter of 2023.
The high-end market (exceeding 30,000 Indian Rupees, approximately 2592 Chinese Yuan) witnessed a 64% year-on-year growth in 2023, primarily driven by convenient financing schemes, encouraging consumers to skip price brackets and purchase higher-priced smartphones.
In 2023, one out of every three smartphones was purchased through financing, a trend driven by Apple’s emphasis on the Indian market. Strong demand for the latest and older iPhone models led the brand to surpass the milestone of shipping over 10 million units for the first time, maintaining its top position in revenue for several years.
With the push from offline expansion and an improved product portfolio in the mid-range high-end market (30,000-45,000 Indian Rupees, approximately 2592 – 3888 Chinese Yuan), OnePlus witnessed a 33% year-on-year growth in the Indian market in 2023.
Transsion’s brand, Transsion, primarily benefited from a hybrid channel strategy, a focus on bringing high-end features to the budget market, and a strong presence in tier-two and tier-three cities, achieving a 31% year-on-year growth. Infinix became the first brand to introduce 8GB RAM and OLED technology into the market below 10,000 Indian Rupees (approximately 120 USD).
For those interested, IT Home has provided the original report link for further reading.