Apple crosses 10 Million unit mark, India's smartphone market flat in 2023

Apple crosses 10 Million unit mark, India's smartphone market flat in 2023
In 2023, smartphone shipments in India remained unchanged at 152 million units, with Apple surpassing the 10-million-unit milestone and securing the top position in revenue for the first time, as reported. Samsung claimed the leading position with an 18 percent share, marking its first time at the top since 2017. Vivo secured the second spot with a 17 percent share and dominated the affordable premium segment (Rs 30,000-Rs 45,000) with a 33 percent share.
In 2023, Xiaomi fell to the third position overall, although it claimed the top spot in Q4 2023 with an 18.3 percent share. OnePlus experienced a 33 percent year-on-year growth in 2023, attributed to its offline expansion and an enhanced product portfolio in the affordable premium segment (Rs 30,000-Rs 45,000). The share of 5G smartphone shipments surpassed 52 percent in India, registering a 66 percent year-on-year increase.
“Driven by the premium segment’s growth and 5G upgrades, India’s smartphone market grew 25 percent YoY in Q4 2023 after declining for a year", said senior research analyst Shilpi Jain. The last quarter (October-December) exited the market with healthy inventory levels compared to last year, setting the right tone for growth for next year.
“We believe the market will grow by 5 percent YoY next year driven by premiumization, diffusion of 5G in lower price bands and better macroeconomic conditions", Jain added. The premium segment experienced a 64 percent year-on-year growth, propelled by accessible financing schemes that led consumers to transition to higher price bands for purchasing more expensive smartphones.
“For Apple, the opening of its own retail stores and increasing focus on LFR (large-format retail) through regular promotions contributed to increased offline shipments. Besides, higher trade-in values presented an appealing proposition for consumers to transition to iOS", said research analyst Shubham Singh.
Source: IANS