As per a report by Counterpoint Research, India’s premium smartphone sector grew by 112 per cent year on year during the second quarter (Q2) OF 2023, despite the overall market declining by 3 per cent. Even though this was the fourth consecutive quarterly fall in the overall smartphone market in India, its magnitude was less because of the pent-up demand and better macroeconomic conditions, the report added. At the consumers’ end, falling inflation and improved gross domestic product (GDP) prospects helped demand recovery.

Additionally, 5G smartphone shipments exceeded 100 million in the April-June quarter of 2023, increasing 59 per cent year on year, Counterpoint said. 5G upgrades had a significant influence, as original equipment manufacturers (OEMs) continued to launch 5G services in the Rs. 10,000-Rs. 15,000($122-$244) segment for a greater reach.

According to the data, market shares of the top two players, Samsung and Vivo remained steady in Q2 2023, at 18 per cent and 17per cent, respectively, while the third-placed Xiaomi’s market share fell from 19 per cent in Q2 2022 to 15 per cent in Q2 2023.