Summary:

According to Counterpoint Research, India’s smartphone industry became the second-largest globally by unit volume and the third-largest by value in Q3 2024. India accounted for 15.5% of global shipments, following China (22%) and the United States (12%). India's market value share rose slightly to 12.3% from 12.1% the previous year. China led the value segment with 31%, while the U.S. held 19%. Neil Shah emphasized India’s growth potential, with 690 million consumers.

In Q3 2024, India's smartphone shipments grew by 3% year-on-year, with a 12% increase in value, marking a new high. The average selling price (ASP) rose 8% to $294, driven by consumers upgrading to premium models. An early festival season boosted volume. Samsung and Apple led the premium segment with a 44.6% market share. Global shipments increased by 2%, with over 30% of sales in the $400+ category.

Source: IBEF 

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