According to the Report, Xiaomi and Vivo Held the Largest Market Share in India for Q2 2024.
Smartphone shipments in India experienced modest growth of just one percent year-on-year (YoY) in the second quarter (April-June) of 2024, according to a recent report by Canalys. This slight increase is attributed to a combination of factors, including the national elections, reduced seasonal demand, and severe weather conditions affecting some regions. Despite the overall subdued growth, Xiaomi and Vivo emerged as the leading brands in the Indian smartphone market during this period. Notably, the report’s estimates for Xiaomi also encompass shipments from its sub-brand, Poco, while estimates for Oppo do not include data from OnePlus.
The Canalys report indicates that a total of 36.4 million smartphones were shipped in India in Q2 2024, up slightly from the 36.1 million units recorded in the same quarter of the previous year. Xiaomi and Vivo each accounted for 6.7 million units shipped, securing an 18 percent market share each. Samsung followed closely with a 17 percent market share, having shipped 6.1 million units. Realme and Oppo rounded out the top five, with 4.3 million and 4.2 million units shipped, respectively, translating to 12 percent and 11 percent market shares.
Xiaomi and Vivo’s strong performance in Q2 2024 can be attributed to the popularity of several key models. Xiaomi’s Redmi Note 13 Pro series and Xiaomi 14 Civi, along with Vivo’s V-series and Vivo Y200 Pro, contributed significantly to their market share. These models have resonated well with Indian consumers, driving the demand for these brands during the quarter.
The minimal year-on-year growth observed in Q2 2024 is linked to various factors, including the national general elections, extreme weather conditions, and fluctuations in consumer demand. Additionally, the slow migration from feature phones to smartphones and the increasing trend of purchasing second-hand smartphones have also influenced the market dynamics. These factors have collectively impacted the overall growth in smartphone shipments.
Looking ahead to the second half of 2024, the report suggests that smartphone brands will focus on clearing their inventory through monsoon e-commerce sales to make way for new launches. The upcoming months are expected to see a shift in consumer preferences towards higher-end smartphones equipped with advanced features and innovations. Consumers are anticipated to prioritize 5G connectivity and generative AI capabilities in their new devices, reflecting the growing interest in cutting-edge technology.
Overall, while the Indian smartphone market showed only a modest increase in Q2 2024, the strong performance of brands like Xiaomi and Vivo highlights ongoing consumer interest in affordable and feature-rich devices. As the market prepares for new releases and evolving consumer preferences, the latter half of the year may bring further changes and opportunities for both consumers and manufacturers.