In the first half of 2024, Nothing emerged as the fastest-growing smartphone brand in India, boasting an impressive 567% year-over-year growth in shipments. This surge was largely driven by the launch of new models such as the mid-segment Phone (2a) and the budget-friendly CMF Phone 1. Despite the challenging market conditions, Nothing’s rapid expansion highlights its growing appeal and effective market strategy.
Meanwhile, Xiaomi reclaimed its top spot, achieving a 23% year-over-year growth in shipments during the same period, according to Counterpoint’s Monthly India Smartphone Tracker.This success can be attributed to Xiaomi’s strategic focus on a streamlined portfolio that includes both entry-level and affordable premium devices. The company’s efforts to push flagship handsets and enhance its marketing and distribution channels have solidified its top spot in the market.
Also read: Samsung beats Apple as smartphone shipments decline by 8-percent: Counterpoint
The Indian smartphone market faced a tough Q2 2024 due to several factors, including a severe heatwave, a seasonal slump, and slower demand from Q1 2024. The heatwave led to decreased footfalls in offline stores and delayed purchases as consumers prioritized other appliances. This situation resulted in inventory build-up. However, aggressive promotions and summer sales towards the quarter’s end provided some relief to OEMs.
In terms of market value, Q2 2024 achieved its highest value ever, driven by a trend towards premiumisation. The ultra-premium segment (>INR 45,000) saw a 24% year-over-year growth. Samsung led in value terms with over a quarter of the market share, supported by its new Fold 6 series. Apple, despite ranking third in value, is expected to rebound with recent price cuts across its iPhone range.
Other notable performers include Motorola with an 88% year-over-year growth, Xiaomi’s sub-brand Poco which led the Rs 10,000 to Rs 15,000 segment with a 318% increase.
As 5G smartphone shipments hit a record 77% share of the market, competition among OEMs remains intense, with MediaTek and Qualcomm leading the chipset market.
