iPhone breaks record quarterly shipments in India in 3Q24

Smartphone vendors in India recorded a 5.6% shipment growth in the third quarter of 2024, with the iPhone reaching a record shipment of four million units. However, overall smartphone shipments in India are expected to experience only limited growth throughout 2024.

According to IDC's latest market tracker, 46 million smartphones were shipped in India in the third quarter of 2024, up 5.6% compared to the same period last year, as channels prepared for the festive season in the fourth quarter.

Vivo led the market for three consecutive quarters, capturing a 15.8% share in the third quarter, followed by Oppo, which saw shipment growth of 47.6% compared to the same period last year, and Samsung, whose shipment declined nearly 20% year-over-year.

Apple emerged as the winner among major brands as iPhone shipments grew by 58.5% to four million units, setting a quarterly record for the company.

During this period, smartphone average selling prices (ASPs) increased 0.9% year-over-year and 3.8% quarter-over-quarter, reaching US$258 in the third quarter of 2024.

The entry-premium segment, priced between US$200 and US$400, experienced significant growth, rising 42% year-over-year and capturing a 28% market share, up from 21% in the previous year. Oppo emerged as the biggest gainer in this segment, while Samsung and Vivo saw a decline in their market shares. Together, these three brands accounted for 53% of the entry-premium segment.

The premium segment, priced between US$600 and US$800, witnessed the highest growth rate of 86%, with a 4% market share, up from 2% in the previous year. Key models driving this growth included the iPhone 15/13/14, Galaxy S23, and OnePlus 12. Apple's market share in this segment increased to 71%, while Samsung's share declined to 19% from 30% year-over-year.

Upasana Joshi, senior research manager for Devices Research at IDC Asia Pacific, explained that the strong growth observed in the third quarter was fueled by a combination of attractive discounts, various financing options, extended device warranties, and cashback/bank offers available across both online and offline channels. The launch of several new 5G smartphones also played a significant role in driving increased demand, Joshi noted, adding that substantial discounts on last year's flagship models from Apple and Samsung were particularly appealing during e-tailer sales.

Meanwhile, Navkendar Singh, AVP of Devices Research at IDC, stated that a cyclical dip in demand after the festive period, along with high shipments in the third quarter, will lead to higher stock levels across channels in the fourth quarter. As a result, India's smartphone market is expected to finish 2024 with low single-digit annual growth.

Source: IDC, November 2024