India’s smartphone market hit a new milestone in Q3 2024, registering a 3% year-on-year growth in volume and a remarkable 12% increase in value, according to Counterpoint’s monthly India Smartphone Tracker.
5G smartphones dominated the market, accounting for a staggering 81% of total shipments. The budget-friendly segment, specifically in the Rs 10,001-15,000 price range, saw a 93% penetration of 5G models, reflecting the strong consumer preference for affordable 5G devices.
The market share distribution among Chinese, Indian, and global brands has remained largely unchanged over the past five years. The Chinese brands continue to dominate, driven by their competitive pricing and advanced features. Indian consumers, particularly those in the price-sensitive segment, continue to favor affordable Chinese smartphones, which has contributed to the continued market share of these brands.
In terms of chipsets, MediaTek led the market with a 54% share, with Apple and Qualcomm following closely in the premium segment, holding 35% and 28% shares, respectively. These chipmakers have spurred growth in the market by offering cost-effective, technologically advanced products, with MediaTek continuing to dominate the budget smartphone segment.
While Chinese smartphone brands have maintained their dominance, Chinese chipset manufacturers have seen modest growth in India. UNISOC, a Chinese chipset producer, achieved an 11% global smartphone chipset market share from Q2 2023 to Q3 2024, while Huawei’s HiSilicon chipset held a 2% share.
Amid global challenges such as US-led restrictions and potential blacklisting of Chinese chipmakers due to security concerns, India is positioning itself as a key player in the global semiconductor market. The Indian government’s strategic push to build a domestic semiconductor ecosystem, backed by a $10 billion investment, aims to reduce reliance on imported chips and boost India’s position as a semiconductor exporter.
(Inputs from ANI)
