February 14, 2024
1 min read

India’s Smartphone Market Growth Slows in 2024

The second half of 2023 grew by 11 per cent, compensating for the sharp 10 per cent decline in the first half, according to the International Data Corporation (IDC)….reports Asian Lite News

India’s smartphone market shipped 146 million smartphones in 2023, with a nominal 1 per cent growth (year-over-year), a new report said on Tuesday, indicating a flat to low single-digit annual growth for the smartphone market this year.

The second half of 2023 grew by 11 per cent, compensating for the sharp 10 per cent decline in the first half, according to the International Data Corporation (IDC).

“Most brands chose to reduce prices and offer additional channel margins in the last quarter to manage the inventory levels from post festive cyclic dip. This will give a lukewarm start to 2024 with cautious stocking by the channels,” said Upasana Joshi, Research Manager, Client Devices, IDC India.

The average selling price (ASP) hit a record of $255, rising 14 per cent YoY in 2023. This also marks the third consecutive year of double-digit ASP growth restricting smartphone market recovery.

The high ASP can be attributed to the increasing share of the premium-segment ($600+) from 6 per cent in 2022 to 10 per cent in 2023, along with a rapid uptake in 5G shipments to a record 55 per cent share.

Apple had a stellar year, finishing at 9 million units, despite having the highest ASP of $940.

This was led by previous-generation iPhone models and its push for local manufacturing. Its iPhone 13 and 14 were among the top 5 shipped models annually.

Samsung remained in the leadership position, with a record high ASP of $338, although with a 5 per cent shipment decline YoY. Its Galaxy A14 was the highest shipped device of 2023, according to the IDC.

Vivo (excluding iQOO) climbed to the second slot as shipments and ASPs grew by 8 per cent and 9 per cent, respectively. It was the only brand to register growth amongst the top five brands.

Realme, despite facing challenges in the beginning of the year, maintained its third position, led by affordable launches, the report mentioned.

ALSO READ: EaseMyTrip’s Ayodhya Venture Excites Investors

Previous Story

Sonia Gandhi to file nomination for Rajya Sabha polls

Next Story

Diaspora: A significant link between India and Gulf

Latest from Business

Recovery From Realty Stress Rises

Crisil expects residential demand in these markets to grow by 7–9 per cent in FY26, offering critical support to projects now being revived through restructuring Asset Reconstruction Companies (ARCs) are expected to

India’s Millionaire Wealth Surges

Strong equity markets and investor optimism around artificial intelligence (AI) played key roles in bosting returns and overall wealth creation India recorded a robust 8.8 per cent rise in high-net-worth individual (HNWI)

IMEC Touted as Game-Changer for India’s Growth

The event brought together experts from the governments, academia, industry and private businesses across the globe…reports Asian Lite News The India-Middle East-Europe Economic Corridor (IMEC) has the potential to be a “game-changer”
Go toTop

Don't Miss

Drug abuse on the rise in Kashmir as Pak facilitates supply from Afghanistan

According to the statistics maintained at the Government Medical College

Jan 19: A rotten day in rotten history

There was no one to stop the mobs that had