Indian smartphone market grew 6 percent YoY in Q3 2024, Apple ships record 4 million units: IDC

The Indian smartphone market grew for the fifth consecutive quarter, as per the latest report from IDC (International Data Corporation). In Q3 2024, smartphone shipments in the country reached 46 million units, resulting in a growth of 5.6 percent YoY (year-over-year). Apple has posted its largest-ever quarterly shipment in India, with 4 million units. Vivo and OPPO secured the top two spots.

IDC Q3 2024 report on the Indian smartphone market

Top 5 brands

The report notes that Vivo continued its lead for the third consecutive quarter, courtesy of the affordable Y-series and newly launched Vivo T3 and Vivo V40 lineup.
OPPO moved to second sport and registered the highest growth amongst the top 5 brands, led by launches like OPPO A3x/K12x and the Reno 12 series.
Samsung, Realme, and Xiaomi were the other three brands in the top five spots.
Nothing registered the highest growth overall, followed by Motorola and iQOO.

Apple shipments: iPhone 15 and iPhone 13 led Apple to register its biggest quarter of shipments. Counterpoint also noted that the iPhone 15 was the top-selling smartphone globally in the third quarter of 2024.
This growth further widened the gap between the value share of Apple and Samsung, which stood at 28.7 percent and 15.2 percent, respectively.

Growth fuelled by offers

The IDC report notes that the quarter’s growth was fuelled by various discounts, multiple financing options, extended device warranties, and bank offers across online and offline channels.
Multiple new 5G smartphone launches also drove demand during the quarter.
The lucrative discount on last year’s flagships from Apple and Samsung is said to be one of the biggest draws in the eTailer sales.

Key highlights

The entry-premium segment (under $400 or approximately Rs 35,000 as per IDC) registered a strong growth of 42 percent YoY, with a share of 28 percent, up from 21 percent a year ago.
OPPO is said to be the biggest gainer, while Samsung and Vivo’s share declined. The three brands made up 53 percent of the entry-premium segment.
The premium segment (under $800/Rs 68,000) registered the highest growth of 86 percent with a 4 percent market share, which is a growth from 2 percent a year ago. The IDC report notes the key models were iPhone 15/iPhone13/iPhone 14, Galaxy S23, and OnePlus 12.
Apple’s share is said to have increased YoY to 71 percent, while Samsung’s share dropped to 19 percent from 30 percent a year ago.
5G shipments: The report notes that 38 million 5G smartphones were shipped in the quarter. The share of 5G smartphone shipments increased to 83 percent, up from 57 percent in Q3 2023.
Within 5G, shipments of budget phones almost doubled, reaching 50 percent share.
Redmi 13C, Apple iPhone 15, OPPO K12x, Vivo T3x, and Vivo Y28 are said to be the most shipped 5G models in Q3 2024.
Online and offline channels: Shipments to online channels grew by 8 percent YoY and its share increased to 51 percent in Q3 2024 from 50 percent in Q3 2023.
Apple emerged as the second largest player in the online channel, with iPhone 15 and iPhone 13 as the highest-shipped devices.
Coming to offline channels, the shipments increased by 3 percent YoY in Q3 2024, with brands extending similar offers across both channels.
Future: Following the strong shipments in Q3 2024, IDC notes the Indian smartphone market may see a dip in demand/shipments after the festive period sales and this will result in higher stock levels across channels in Q4 2024.
This may lead to the Indian smartphone market exiting 2024 with a low single-digit annual growth.
Navkendar Singh, AVP of Devices Research at IDC notes that strong growth in the market next year will depend on momentum in budget and entry-premium segments. He expects the launch of more affordable offerings and focus on Gen AI features in 2025.