Vivo took the second spot in 2023 with a 17 per cent (15.8 per cent 2022) share and led the reasonably priced premium phase (₹30,000-45,000) with a 33 per cent share, stated the newest analysis from Counterpoint’s Month-to-month India Smartphone Tracker on Wednesday.
Xiaomi slipped to the third spot in 2023 with a market share of 16.5 per cent, in comparison with 20.3 per cent in 2022, stated the report, including that Apple shipments crossed the 10-million mark, serving to it seize the highest place in income for the primary time ever in a calendar 12 months.
The report additionally stated 5G smartphone cargo share crossed 52 per cent in 2023, rising 66 per cent on year-on-year (y-o-y) foundation. The primary half of the 12 months was difficult as a consequence of ongoing macroeconomic turbulence resulting in low demand and a listing build-up. The market began recovering within the second half of the 12 months, supported by 5G upgrades and better-than-expected festive gross sales, it stated.
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“Pushed by the premium phase’s development and 5G upgrades, India’s smartphone market grew 25 per cent y-o-y in This autumn 2023 after declining for a 12 months. The elongated festive season additional aided this development, as the supply of steep reductions, simple financing schemes and profitable promotions boosted demand,” stated Shilpi Jain, Senior Analysis Analyst at Counterpoint.
For a lot of authentic gear producers (OEMs), the important thing focus in the course of the 12 months was on taking 5G to the decrease phase, pushed by a shift in shopper preferences, she stated.
“The final quarter (October-December) exited the market with wholesome stock ranges in comparison with final 12 months, setting the precise tone for development for subsequent 12 months. We imagine the market will develop by 5 per cent y-o-y subsequent 12 months, pushed by premiumisation, diffusion of 5G in lower cost bands and higher macroeconomic circumstances,” she added.
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Premium phase
The premium phase (above ₹30,000) witnessed 64 per cent y-o-y development in 2023, pushed by simple financing schemes, which resulted in shoppers leaping value bands to buy higher-priced smartphones.
“One out of each three smartphones was bought by financing in 2023. Apple’s concentrate on India can also be aiding the development…propelled by sturdy demand for each its newest and older iPhones. The opening of personal retail shops and rising concentrate on large-format retail (LFR) by common promotions contributed to elevated offline shipments. In addition to, larger trade-in values introduced an interesting proposition for shoppers to transition to iOS,” stated Shubham Singh, Analysis Analyst, Counterpoint.
The report additionally stated that offline channels witnessed development all year long to succeed in 55 per cent share in 2023, pushed by shoppers’ desire for the feel and appear of the gadget.
In 2024, there shall be an enormous OEM concentrate on CMF throughout completely different value factors, encouraging shoppers to decide for a similar. There shall be a rising development of audio-video enhancements in smartphones, powered by options like Dolby Atmos, Dolby Imaginative and prescient and Dolby Imaginative and prescient recording, it stated including that foldables can even grow to be extra in style within the premium phase as extra OEMs are developing with foldable units.
“We imagine that foldable shipments will cross the one-million milestone in 2024,” the analysts added.
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