Apple has maintained its stronghold, leading the ultra-premium segment with an impressive 59 per cent share in the second quarter of 2023. This achievement places India among Apple's top-five markets, reflecting the company's growing success in the region.
Counterpoint's Research Analyst Shubham Singh revealed that Samsung, major player in the overall smartphone market, secured the top position for the third consecutive quarter, boasting an 18 per cent market share.
Notably, Samsung also made a triumphant return to the top of premium smartphone segment, which includes devices priced above RS 30,000 (~USD 366), seizing a significant 34 per cent. The growth was fueled by aggressive offers on popular models such as the Z Flip3 and S21 FE, along with the introduction of Samsung Finance+ options. Moreover, the latest premium A-series and F-series devices garnered substantial demand from Indian consumers.
Vivo held its ground in the overall market, maintaining the second spot and impressively achieving year-on-year growth. The brand's strong offline presence and the success of its sub-brand iQOO in the online space contributed significantly to its success.
Meanwhile, OPPO strategically expanded its shipments in the higher-tier segments, with a specific focus on the upper mid-tier range, priced between RS 20,000 to RS 30,000 (~USD 244-USD 366). As a result of this targeted approach, OPPO emerged as the leading brand in this segment, securing a substantial 21 per cent market share.
OnePlus emerged as the fastest-growing brand in India's smartphone market during Q2 2023, experiencing a remarkable 68 per cent year-on-year growth. The brand's performance indicates its ability to resonate with Indian consumers and capture their attention.
Counterpoint Senior Research Analyst Shilpi Jain highlighted the positive market dynamics during the quarter. Original Equipment Manufacturers (OEMs) and channels witnessed an improvement in inventory and demand ahead of the upcoming festive season. Both OEMs and channels employed aggressive measures, such as multiple sales and promotions, to clear existing inventory. Furthermore, the falling inflation and improved growth prospects at the consumer end facilitated a notable demand recovery.
The advent of 5G technology also played a pivotal role in shaping the market dynamics. OEMs continuously launched 5G-enabled devices in the RS 10,000 to RS 15,000 (~USD 122-USD 244) segment, making 5G more accessible to a wider audience and contributing significantly to market growth, as per the Counterpoint report.