New Delhi: The smartphone market in India witnessed a commendable 10% year-on-year growth in the first quarter (Q1) of 2024, with 5G devices commanding a significant 70% share. Analysts noted on Thursday that the market, particularly in the affordable 5G segment, is poised for intense competition both this year and in the foreseeable future.
According to insights from CyberMedia Research (CMR), shipments of 5G smartphones saw an impressive 91% year-on-year growth this year. Notably, 5G devices within the price range of Rs 10,000 to Rs 15,000 exhibited an exceptional growth rate of over 400% year-on-year.
“Bearing in mind the surge in demand for affordable 5G devices, robust on-device AI capabilities, and seamless cross-device experiences, brands that strategically leverage these trends will secure a competitive edge in this dynamic and rapidly expanding market,” remarked Bhaskar Negi, Analyst-Industry Intelligence Group, CMR.
Analysts anticipate a steady 7-8% growth in India’s smartphone market throughout 2024, driven primarily by the increasing demand for 5G and AI-enabled smartphones.
In Q1, Samsung emerged as the leader in the 5G smartphone market, capturing a significant 22% share. Overall mobile market shipments also experienced a commendable growth rate of 20% year-on-year.
“India’s smartphone market witnessed a remarkable surge in 5G adoption alongside a clear inclination towards premiumization,” stated Menka Kumari, Analyst-Industry Intelligence Group, CMR. “The advent of AI-powered smartphones further propelled this premiumization trend. Notably, the super-premium smartphone category (priced over Rs 50,000) observed a remarkable 47% year-on-year growth, indicating a growing consumer preference for high-end devices,” she added.
The value-for-money smartphone segment, ranging from Rs 7,000 to Rs 25,000, dominated with a substantial 65% share, while the affordable smartphone segment (priced below Rs 7,000) witnessed a commendable 16% year-on-year growth.
Moreover, the premium smartphone segment (priced over Rs 25,000) experienced a remarkable 71% growth, driven by convenient payment options and premium features such as AI integration.
