Smartphone market in India eke out mere 1% growth in Q2: Canalys

Canalys' latest research shows that the Indian smartphone market grew by just 1% in Q2 2024, reaching a total of 36.4 million units shipped.

Inventory levels remained high, with some vendors launching new devices in higher price segments, while others focused on reducing existing stocks ahead of the festival season.

Xiaomi led the market with an 18% share and 6.7 million units shipped, reclaiming the top position after six quarters. Vivo closely followed, also shipping 6.7 million units, boosted by affordable 5G and mid-range models. Samsung ranked third with 6.1 million units shipped, while Realme and Oppo (excluding OnePlus) completed the top five with 4.3 million and 4.2 million units shipped respectively, said the report by the leading global technology market analyst firm.


“In Q2 2024, top mass-market brands expanded their mid-high-end portfolios and shall use early monsoon sales to clear inventory, making space for new models ahead of the festive season,” said Sanyam Chaurasia, Senior Analyst at Canalys.

He added, “Vendors should focus on business viability over market share, emphasising strong value propositions for consumers.”

Talking about the 5G device upgradation in recent times, Chaurasia said a recent consumer study by Canalys showed, “44% of consumers expect to purchase a device within the next 12 months, with a significant majority being ‘upgrade buyers’ focused on the latest innovations, including 5G advancements.”