iPhone Takes Top Spot in India Smartphone Market Revenue (2023)
According to a recent report by Counterpoint Research, Apple has taken the top spot in India's smartphone market in terms of revenue in 2023. This marks the first time that Apple has led the market in India, a significant achievement for the company. While Samsung still leads in terms of sales volume, Apple's focus on India has helped it capture the top position in revenue.
Samsung Maintains Volume Lead Despite Revenue Loss
Despite losing the top spot in revenue, Samsung still maintains its lead in terms of sales volume. The company, along with Chinese mobile phone makers Vivo and Oppo, was able to grow its share of the Indian smartphone market in 2023, according to Counterpoint's Monthly India Smartphone Tracker report. However, Samsung did experience a loss in revenue, which can be attributed to Apple's strong performance in the market.
Key Trends Driving the Indian Smartphone Market
Counterpoint's report highlights several key trends driving the Indian smartphone market in 2023. One of the most significant trends is the focus on premium devices, which has been driving growth in the industry. The premium segment, devices priced above ₹30,000, witnessed a 64% YoY growth in 2023 driven by easy financing schemes, which resulted in consumers jumping price bands to purchase higher-priced smartphones.
Another trend driving the market is the integration of 5G technology in affordable models. Many OEMs focused on bringing 5G technology to the lower segment, leading to a 5G smartphone share of 52% for overall smartphones. Counterpoint expects a 5% growth in smartphone shipment in 2024, driven by premiumization and the integration of 5G in affordable models.
Insights from Counterpoint Research Report
Counterpoint's report provides several insights into the Indian smartphone market in 2023. Apple's focus on India is aiding the trend, with the brand surpassing the 10-million-unit mark in shipments and capturing the top position in revenue in a calendar year for the first time, propelled by robust demand for both its latest and older iPhones. The establishment of proprietary retail outlets and an increased emphasis on large-scale retail, coupled with regular promotions, contributed to a rise in offline shipments.
Vivo followed Samsung with a 17% market share in terms of volume. Xiaomi held the top position with an 18.3% share, while Vivo is estimated to be in the second spot, followed by Samsung with a 16.8% share, Realme with an 11.5% share, and Oppo with a 9.5% share. The Indian smartphone market in the December 2023 quarter grew by 25% on a year-on-year basis on account of growth in the premium segment and 5G upgrades.
Apple's performance in the Indian smartphone market in 2023 is a significant achievement for the company. While Samsung still leads in terms of sales volume, Apple's focus on India has helped it capture the top position in revenue. The Indian smartphone market is expected to continue growing in 2024, driven by premiumization and the integration of 5G in affordable models.
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