The Indian smartphone market surged by 15% in the first quarter of this year, with shipments reaching 35.3 million units

According to research firm Canalys, the Indian smartphone market performed strongly in the first quarter of 2024, with shipments reaching 35.3 million units, a year-on-year increase of 15%. After entering 2024, the inventory situation of manufacturers has improved, which allows channels to undertake multiple new products launched this quarter. Due to the low shipment volume in the first quarter of 2023, the market is facing inflationary pressure, weak demand, inventory and other issues, resulting in a year-on-year growth of 15% in the first quarter. Samsung maintains its position as the top player in the market with a 19% share and a shipment volume of 6.7 million units, but Xiaomi and Vivo follow closely behind, both with a share of 18%; OPPO (excluding OnePlus) ranks fourth, with shipments of 3.7 million units and a share of 10%; Realme ranks fifth with a shipment volume of 3.4 million units and a share of approximately 10%. Canalys analysts say that although most brands achieved double-digit growth in the first quarter, brands outside the top five continue to challenge the market share of top manufacturers. Samsung’s latest flagship product, the Galaxy S24, has surpassed its predecessor in sales, mainly due to pre order upgrade discounts, Samsung Finance+, and artificial intelligence (AI) feature marketing. OPPO is the only brand among the top five to experience a decline due to its streamlined product portfolio and reduced release of new products in the mid to high price range. The institution believes that although import tariffs on a few components have been reduced, due to rising component costs and increased operational pressure, it is expected that price increases will continue. Brands are also prioritizing channel incentives and retail investments, further driving up costs.