Canalys: Indian smartphone market sees modest growth in 2024
The Indian smartphone market grew by 5% in 2024, totaling 155.9 million shipments for the calendar year. The latest report from Canalys shows that vivo was Indiaâs leading smartphone brand for 2024 in terms of shipments with 29.5 million units and a 19% market share. Xiaomi (including Poco) followed up in second place with an estimated 26.6 million shipments and a 17% market share, while Samsung came in third place with 25.7 million shipments and a 16% market share.
Oppo (including OnePlus) managed 18.3 million shipments and gained a 12% market share while Realme and its 16.6 million shipments and 11% market share rounded out the top-five brands. As per Canalys analysts, consumers were driven to upgrade their devices in large to the refresh cycle from the pandemic and 5G upgrades. Brands were faced with stock pile-ups during the festive season, prompting heavy discounts towards the year's end.
The report also outlined trends in total shipments for Q4, 2024, which saw a modest year-over-year decline of 4% from the previous year. The order of the top-four brands by shipments and market share was the same as on the yearly basis, with the only exception being Apple, which climbed to the fifth spot.
Cupertino managed 4 million shipments in Q4 and snagged an 11% market share, placing it on par with Oppo. Apple experienced a 39% annual growth driven largely by promotions and discounts during the festive seasons and iPhone releases.
Looking ahead, Canalys predicts single-digit growth in 2025 with strong demand for devices in the $100-$200 range and less interest in the sub-$100 range and premium segments.