India’s smartphone market revenue reaches peak in 2024; Nothing emerges as fastest-growing brand

Counterpoint Research has reported that the Indian smartphone market’s revenue reached an all-time high in 2024. This significant increase can be attributed to the rising demand for premium smartphones, with Nothing emerging as the fastest-growing brand during the year. It was noted that vivo led the market in terms of volume for the first time in FY2024, while Apple maintained its leadership in value for the second consecutive year.

In 2024, the smartphone market saw a 1% growth in shipments, reaching a total of 153 million units. The year started off positively with early growth and a promising market outlook. However, momentum slowed down as consumer demand softened and macroeconomic pressures mounted. Despite these challenges, the market’s revenue reached its highest-ever recorded value.

The report highlighted that the entry-level segment experienced a decline while the premium segment saw significant growth. Shipments of premium smartphones priced above Rs 30,000 grew by double-digit percentages, driving a 9% year-on-year increase in wholesale value. According to Senior Research Analyst Shilpi Jain, customers’ preference for premium smartphones is increasing due to factors like accessibility and affordability through trade-in programs and flexible financing options.

Looking ahead to 2025, market volumes are expected to grow by single digits, with the value projected to reach another record high. Premiumisation is expected to continue as a key driver of growth in the smartphone market. The report also noted that premium smartphones accounted for 20% of shipments in India, reflecting the growing demand for high-end features.

Various smartphone brands experienced growth and shifts in market share in 2024. vivo emerged as the market leader for the first time, driven by a strong offline network. Xiaomi returned to growth, securing the second spot in market share. Samsung slipped to the third position but performed well in the premium segment with its S series devices. OPPO faced challenges in product and channel distribution but regained momentum with a revamped product portfolio.

Apple had a successful year, ranking among the top five brands in Q4 2024 and achieving record shipments in a single quarter. Despite a slight decline in smartphone shipments in Q4, the overall market value grew by 5%, driven by demand for premium devices and new launches. Nothing emerged as the fastest-growing brand in 2024, with an impressive 577% growth driven by the 2a series and its sub-brand CMF. Motorola also saw significant growth, doubling its shipments from 2022.

In conclusion, 5G smartphone shipments saw a penetration rate of 78% in 2024, with MediaTek leading the smartphone chipset market in India. Realme’s focus on expanding offline channels increased its contribution towards offline shipments. In the feature phone space, itel led the market with a strong distribution network in tier-2 and beyond cities. Overall, the Indian smartphone market showed signs of maturity in 2024, with premium devices driving growth and revenue to new heights.