Apple and Samsung Lead as Premium Smartphone: There seems to be no end in sight to the ‘premiumization’ trend in the smartphone market.
In Q1 2024, premium phones accounted for 51% of the Indian smartphone market, according to Counterpoint Research.
During Q1, India’s smartphone market reached its highest level ever, according to Counterpoint’s Shilpi Jain.
Consumers upgraded to higher-value smartphones across price tiers, driving the growth.”
Over one-third of mid-tier consumers are willing to upgrade to the premium segment, according to Counterpoint Research.
As well as affordable financing schemes, better trade-in values, and bundled schemes, high-end features like AI and cameras are driving this trend.
According to Counterpoint Research, Samsung’s success is attributed to the newly launched Galaxy S24 and A series phones.
Apple’s growth was largely driven by its iPhone 15 series, according to Counterpoint Research.
Additionally, India’s 5G smartphone shipments reached 71% in Q1 2024, their highest share ever.
Vivo holds a 19% share of the smartphone market compared to other brands.
According to Counterpoint Research, Nothing’s shipments grew 144% over the past year, Xiaomi’s shipments grew 28%, while Transsion brands and Realme grew 20% and 18%.
