Luxury Smartphone Sales in India Surged, Shipments Worth INR 1 Lakh and Above Increased by 20% for Q1 and 10% in Q2 2024: Experts
With disposable incomes rising amid the premiumisation trend, the sales of luxury smartphones have surged in India in recent quarters, industry experts said on Tuesday.
New Delhi, September 3: With disposable incomes rising amid the premiumisation trend, the sales of luxury smartphones have surged in India in recent quarters, industry experts said on Tuesday. The smartphone shipments of Rs 1 lakh and above increased by 20 per cent (year-on-year) and 10 per cent (YoY) for Q1 2024 and Q2 2024, respectively, according to Counterpoint Research.
The shipments in the Rs 1 lakh and above segment accounted for just over 1 per cent of the market in the first half this year. “This share is expected to increase slightly in the second half of the year with the arrival of Samsung Galaxy Foldables and the new Apple iPhone series,” Tarun Pathak, Director, Counterpoint Research, told IANS. In 2021, luxury or super-premium smartphones saw 14 per cent growth (YoY) in the country. SBI Launches All-New ‘SBI Payment Saathi’ Device Offering End-to-End Unified Digital Payment Solution for Merchants.
In 2022, this growth surged to 96 per cent and in 2023, it was 53 per cent. Samsung led the super-premium smartphone market with 52 per cent share in 2023, followed by Apple at 46 per cent. According to Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), the premiumisation wave in Indian smartphone market continues to gain momentum. “Consumers are increasingly prioritising smartphones devices that not only offer superior specifications and features, but also serve as lifestyle statements,” he told IANS. GenAI in HR: About 45% of Indian Companies Have Partially or Fully Implemented Generative AI in Human Resource Processes, Says Report.
According to him, the market insights point to uber-premium smartphones (Rs 1 lakh and above) enjoying a remarkable 80 per cent year-on-year growth in the country in the first half this year. In the April-June quarter, Samsung led the market in terms of value with a 25 per cent share, followed by vivo and Apple. Meanwhile, Apple is expected to rebound in the next quarter, driven by the recent price cuts across the entire range of iPhones. In Q2 2024, 5G smartphone shipments in India hit a record 77 per cent share of the overall smartphone market, driven by their declining average selling prices (ASPs).
(The above story first appeared on LatestLY on Sep 03, 2024 03:24 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).