India’s smartphone market, which saw a 9% increase in shipments during the July-September period, reaching 47.1 million units. A recent report highlights that smartphone vendors cleared inventory through early monsoon sales, preparing for the expected surge during the festive season.
The report notes that key brands have expanded their mid-to-high-end product range to address growing consumer interest in higher-priced models. This shift is supported by competitive trade-in offers and flexible financing options, attracting both replacement and upgrade buyers.
The mid-range market saw strong performance, with the top smartphone brands continuing to dominate. One brand claimed the leading position with a 19% market share, followed by two other major players that benefited from budget 5G models and channel expansion strategies.
While the premium segment experienced growth, entry-level demand remained subdued due to rising prices, leading consumers to postpone purchases until after the Diwali season. The report anticipates that heavy discounting and extended margins will be critical to managing inventory efficiently in the second half of 2024.
