Wholesale revenue in the Indian smartphone market reached a record high in 2024, with a 9 percent year-on-year (YoY) growth, according to a report released by Counterpoint Research on Thursday.
For the second consecutive year, Apple retained the lead in terms of market value. For the first time in Q4 2024, it also ranked among the top 5 brands by volume.
Smartphone shipments rose to 153 million units last year, despite challenges such as reduced consumer demand and macroeconomic pressures toward the end of the year.
The shift toward premium smartphones played a major role in this growth. Higher-priced devices, especially those above Rs 30,000, helped boost the market's overall revenue, with this segment now accounting for one in five shipments in the country, the report said.
"India's smartphone market is maturing, with stable volume growth driven by longer replacement cycles," said Shilpi Jain, senior research analyst at Counterpoint.
Premium phones, increasingly chosen by consumers, will continue to contribute to the record revenue the market has witnessed so far.
The trend has definitely shifted toward higher-priced devices, supported by affordable financing options and trade-in programs, she added. Despite challenges in the entry-level segment, the demand for higher-end devices continues to be robust.
5G smartphones accounted for nearly 78 percent of total shipments in 2024, as affordable 5G chipsets became available across various price tiers, according to the report.
Vivo led the market in terms of volume for the first time in 2024.
The Nothing brand saw a 577 percent YoY growth in 2024, driven by its 2a series and sub-brand CMF.
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