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Indians Increasingly Investing in High-end Smartphones by 2024

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In Short:

The arrival of affordable data has boosted the smartphone industry in India, with a shift towards super-premium devices like the iPhone and Samsung’s Galaxy S series. In Q1 2024, the super-premium segment ($800+) saw a 44% growth in shipments, with Apple and Samsung dominating the market. Despite an overall growth in smartphone shipments, the premium and mid-premium segments experienced declines as users either opt for entry-premium devices or high-end flagships.

Indians Spending More on Super Premium Smartphones in 2024

The smartphone industry in India has experienced a significant shift towards super-premium devices, fueled by the affordability of data. Smartphones are no longer just communication tools; they serve as platforms for various activities like content creation, consumption, entertainment, and more, reflecting one’s social status. Owning a top-tier smartphone like an iPhone or a flagship Samsung device is often associated with high net-worth individuals.

Key Data Insights

According to the International Data Corporation’s (IDC) Worldwide Quarterly Mobile Phone Tracker, the super-premium device segment (priced at $800+ or approximately Rs 67,000) witnessed a 44% growth in shipments in Q1 2024, the highest among all price categories. The market share of this segment increased from 7% to 9%.

Apple’s iPhone models accounted for 64% of shipments in the super-premium segment, dominating the market. Samsung followed closely with a 25% share, with its Galaxy S series devices. Together, these two brands controlled 89% of the market share, leaving only 11% for other players like Xiaomi and OPPO.

Overall, 34 million smartphones were shipped in India during Q1 2024, marking an 11% year-over-year growth. Interestingly, while the super-premium segment saw a surge in shipments, the premium ($600-$800) and mid-premium ($400-$600) segments experienced a decline.

Market Trends

The premium segment witnessed a 21% decrease in shipments, reducing its share to 2%. Similarly, the mid-premium segment saw a 46% decline, leading to a drop in its share from 6% to 3%. This trend suggests that users are either opting for more affordable entry-premium devices or investing in super-premium flagship smartphones.

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