Apple Sets Record as Indian Smartphone Market Expands by 5.6% in Q3 2024

The Indian smartphone market showed strong resilience in Q3 2024, growing 5.6% year-on-year (YoY) and reaching a remarkable 46 million shipments, according to the latest data from IDC. Amid this growth, Apple set a new benchmark with its highest-ever quarterly shipments in India, reflecting a significant shift in consumer preferences toward premium smartphones.

Apple Achieves Milestone Growth

Apple captured an impressive 8.6% market share in Q3 2024, up from 5.7% in Q3 2023. This leap was driven by the overwhelming success of the iPhone 15 and iPhone 13, which remained popular among online buyers. The company shipped 4 million units, setting a record for its performance in the Indian market.

Apple’s growth highlights a broader shift in consumer preferences toward premium and flagship devices, particularly in urban markets. Strategic pricing, trade-in offers, and increasing availability through online channels have played a pivotal role in the brand’s success.

5G Smartphones Dominate the Market

The 5G segment emerged as a driving force in the Indian smartphone market, accounting for 83% of total shipments, a significant increase from 57% YoY. Budget-friendly 5G phones, with an average price drop of 20% to USD 292 (Rs 24,700), fueled this growth, making advanced connectivity accessible to a broader audience.

The rise in 5G adoption reflects growing consumer demand for faster data speeds and seamless connectivity, further encouraged by the proliferation of budget 5G models.

Midrange and Flagship Segments See Remarkable Growth

While the overall market expanded moderately, the midrange and flagship segments stood out as key growth drivers:

• The midrange segment (Rs 20,000–40,000) grew by 42% YoY, driven by feature-rich devices offering exceptional value for money.
• The flagship category (above Rs 50,000) surged by 86% YoY, reflecting a clear shift toward premium smartphones.

Apple’s dominance in the flagship segment, coupled with strong competition from brands like Samsung, Vivo, and OnePlus, underscores the evolving preference for high-end devices among Indian consumers.

Top Models and Brand Performances

Leading the 5G wave, the iPhone 15, Redmi 13C, and Vivo T3x emerged as the top-performing models during the quarter. Vivo maintained strong growth momentum with the success of its T3 and V40 series, solidifying its position in the midrange and budget segments.

Winners

• Apple: Record-breaking growth in market share and flagship dominance.
• Vivo: Consistent performance in budget and midrange categories.
• Oppo and Motorola: Gained ground with competitive pricing and strong online presence.

Challenges for Other Brands

While Apple and Vivo surged, Samsung, Realme, and OnePlus faced declines in market share, attributed to stiff competition, lack of fresh launches, and aggressive pricing by rivals.

Key Insights and Opportunities

The Indian smartphone market continues to thrive on the back of evolving consumer preferences, competitive pricing, and a strong focus on connectivity. With a significant portion of consumers upgrading to 5G-enabled devices, brands have ample opportunities to tap into this growth potential.

Additionally, the rising popularity of premium smartphones presents a lucrative segment for brands willing to innovate and invest in flagship features.