New Delhi: India’s smartphone market has maintained stability with total shipments of 148.6 million in 2023, showing a marginal decline of two percent, a new report said. According to market research firm Canalys, Indian smartphone vendors benefited from strong demand throughout the festive season, leading Q4 sales to reach 38.9 million units – a notable 20 percent increase over the previous year.
“In 2023, increased investment in the mainline retail space not only proved beneficial for sellers but also helped stabilize the overall market,” said Sanyam Chaurasia, senior analyst at Canalys. Samsung retained the top position in the fourth quarter (Q4) of 2023 with a market share of 20 percent and 7.6 million unit shipments.
Xiaomi continued its strong performance and took the second position with 7.2 million units shipped. Vivo took the third position with shipments of seven million units, while Realme and Oppo rounded out the top five with shipments of 4.5 million and 3.7 million units, respectively, the report said. “The premium segment witnessed strong growth due to easy financing options, incentive schemes for retailers and rising disposable incomes,” Chaurasia said. “With Diwali celebrations in November 2023, Apple saw an opportunity to push the latest iPhone 15 series during festive sales, which contributed more than 50% to its shipments in Q4,” he said.
The analyst also said Samsung has set aggressive retail targets for its premium Galaxy S23 series to boost premium segment growth. Additionally, Samsung’s latest Galaxy S23 FE launch in Q4 boosted shipments, thanks to attractive banking deals. “Canalis expects the Indian smartphone market to grow by mid-single digits in 2024, driven by affordable 5G and the pandemic period replacement cycle. But the biggest challenge for sellers this year will be to manage the rising bill of material costs,” said Chaurasia.
