India's smartphone market rebounds 20 per cent in Q4 2023, edges down 2 per cent for the full year

Samsung maintained its absolute lead with 20 per cent market share and 7.6 million units shipped. Xiaomi remained strong, with 7.2 million units shipped, placing it in second place. vivo held steady in third place with 7 million units shipped. realme and OPPO (excluding One Plus) rounded out the top five with 4.5 million and 3.7 million units shipped, respectively. Despite vendors facing inventory challenges, inflation, and fluctuating demand for most of the year, the Indian smartphone market as a whole remained stable in 2023, with total shipments of 148.6 million units, a slight decline of 2 per cent, thanks to improved consumer confidence and the resilience the market showed towards the end of the year.

Sanyam Chaurasia, senior analyst at Canalys, said, "The continued investment in mainstream retail space has not only benefited vendors but also stabilised the overall market in 2023. In the fourth quarter, brands such as Xiaomi and realme saw record share of offline shipments. Xiaomi adjusted its shipment matrix to balance offline and online channel shipments, but offline channel shipments reached an all-time high for the quarter. Its Redmi 12 5G and the recently launched Redmi 13C series both contributed more than a million units shipped in the offline channel. Similarly, realme has balanced its shipment channels by having the Narzo series driven by e-commerce, while the rest of the portfolio continues to be dominated by offline channels. For vendors to further consolidate their position in the premium market and gain more share of the premium market, vendors should continue to boost the confidence of their channel partners."

Chaurasia continued, "The premium segment has shown strong growth due to easy financing options, retailer incentive schemes and increase in disposable income. Due to Diwali in November, Apple had the opportunity to launch the latest iPhone 15 series during the festive promotional period, which contributed more than 50 per cent of shipments in the fourth quarter. Additionally, discounts on the iPhone 14 and iPhone 13 during online sales contributed to Apple's record shipments in India, with a 7 per cent market share. Similarly, Samsung has set aggressive retail targets for its premium Galaxy S23 series to drive growth in the premium segment. In addition to this, Samsung launched its latest Galaxy S23 FE and is driving shipment growth through attractive bank rebates."

Chaurasia added: "Going into the 'election year' of 2024, consumer market indicators have improved, with inflation under control, interest rates stabilising and signs of a stable government in power." Canalys expects the Indian smartphone market to grow in the mid-single digits in 2024, driven by affordable 5G phones and replacement cycles during the epidemic. But the biggest challenge vendors will face will be how to cope with rising material costs.

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