According to a report by Canalys, the Indian smartphone market grew only 1 per cent in the second quarter (Q2) of 2024, amid elections, subdued seasonal demand and extreme weather conditions in some regions, totaling 36.4 million units shipped. Inventory levels remained high with some vendors continuing to launch new devices in higher price segments during the quarter, while others concentrated on reducing existing stocks to optimise inventory ahead of the festival season.
As per the report, Xiaomi reclaimed the top spot after six quarters, capturing an 18 per cent market share with 6.7 million units shipped. Vivo closely followed, also shipping 6.7 million units, boosted by affordable 5G and mid-range models. Samsung ranked third with 6.1 million units shipped. Realme and OPPO (excluding OnePlus) rounded out the top five with 4.3 million and 4.2 million units shipped, respectively.
Commenting on the report, Sanyam Chaurasia, senior analyst, Canalys, said, “In Q2 2024, top mass-market brands expanded their mid-high-end portfolios and shall use early monsoon sales to clear inventory, making space for new models ahead of the festive season. Brands such as Xiaomi boosted their mid-to-high-end product lineup, driving volumes for the quarter with the Redmi Note 13 Pro series featuring refreshed color offerings and the newly launched Xiaomi 14 Civi with its camera quality and distinctive leather design. Meanwhile, Vivo’s success in the mid-range market was driven by the V-series and Y200 Pro, focusing on refined design and camera features, along with increased push through LFR retail stores. Realme has also expanded its mid-premium portfolio with the GT 6T and Number series models and plans to clear elevated inventory during the monsoon e-commerce sales.”
