India's Smartphone Market To Exit 2024 With Single-Digit Annual Growth

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New Delhi: India's smartphone market is expected to exit 2024 with a low single-digit annual growth, as Apple posted its largest-ever quarterly shipment in India with 4 million units in the third quarter (Q3), according to a new report. 

In the July-September period (Q3), smartphone shipments in India reached 46 million units, reflecting 5.6 per cent growth YoY (year-over-year).

Upasana Joshi, Senior Research Manager, Devices Research, IDC Asia Pacific, said that growth in the biggest quarter of the year was fuelled by attractive discounts, multiple financing options, extended device warranty and cashback and bank offers across both online/offline channels.

The launch of several new 5G smartphones also drove demand. One of the biggest draws during the eTailer sales was the attractive discounts on last year’s flagship models from Apple and Samsung, she mentioned.

Around 38 million 5G smartphones were shipped in the quarter. The share of 5G smartphone shipments increased to 83 per cent, up from 57 per cent in Q3 last year.

Shipments to online channels grew by 8 per cent and its share increased to 51 per cent in Q3 from 50 per cent in the same period last year.

Apple emerged as the second largest player in the online channel, with iPhone 15 and iPhone 13 as the highest-shipped devices.

Shipments to offline channel also increased by 3 per cent YoY in 3Q24, with brands extending the attractive channel schemes and offers to both channels, said the report.

Overall, vivo continued to lead for the third consecutive quarter, with the affordable Y series and newly launched T3 and V40 series. OPPO registered the highest growth amongst the top 5 brands led by affordable new launches like A3x/K12x and Reno 12 series. Nothing registered the highest growth overall, followed by Motorola and iQOO.