- Smartphone market in 2024 and beyond is poised for fierce competition in the value-for-money 5G segment.
- In the 5G space, Samsung lead with 22% market share, followed by Vivo at 18% during the quarter.
5G smartphones recorded a 91 per cent year-on-year growth in India in the first quarter of 2024 as devices are available at affordable price ranges.
“India’s smartphone market witnessed a significant surge in 5G adoption as well as a clear ongoing push towards premiumisation. 5G continues to diffuse to more affordable price tiers, especially in the Rs10,000 to Rs15,000 price band,” Menka Kumari, Analyst- Industry Intelligence Group at CyberMedia Research (CMR), said.
The onset of AI phones further fueled the premiumisation wave, she said and added that the super-premium smartphone category (>Rs50,000) experienced a notable 47 per cent year-on-year growth, indicating a rising preference among consumers for high-end devices.
Feature phones surge 650%
The 5G smartphone shipments share increased to 70 per cent while smartphones in the price band of Rs10,000 to Rs15,000 grew more than 400 per cent year on year.
In the 5G space, Samsung lead the market with 22 per cent market share, followed by Vivo at 18 per cent during the quarter.
The premium smartphone segment (>Rs25,000) recorded remarkable year-on-year growth of 71 per cent fueled by easy payment options and premium features like AI.
The 4G feature phone shipments recorded more than 650 per cent during the quarter, majorly driven by Jio capturing 84 per cent market share followed by Nokia at 13 per cent.
CMR estimates the India’s smartphone market to grow 7-8 per cent in 2024, driven by strong demand for 5G and AI smartphones.
“The smartphone market in 2024 and beyond is poised for fierce competition in the value-for-money 5G segment. Brands that capitalise on these trends – affordable 5G, powerful on-device AI, and seamless cross-device experiences – will be well-positioned to win in this growing but hypercompetitive market,” Bhaskar Negi, Analyst-Industry Intelligence Group, CyberMedia Research (CMR), said.
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