Key Highlights:
- Samsung secures 25% value market share in Q2 2024.
- The ultra-premium segment grew by 99% YoY.
- India’s smartphone market achieves highest ever Q2 value.
Samsung has solidified its position as the leading smartphone brand in India by value, capturing a 25% market share in the quarter ending June 2024, according to Counterpoint Research. This marks the second consecutive quarter where Samsung has led in value.
Read Also: Revenue of the Smartphone Market in India Increased by 27 Percent YoY
Counterpoint Research highlighted that Samsung’s focus on value over volume, particularly through its new Fold 6 series, has been pivotal in sustaining this leadership. The ultra-premium segment, comprising smartphones priced over Rs 45,000, experienced a significant 99% year-over-year growth in Q2 2024.
India’s smartphone market reached its highest-ever value for the second quarter, driven by a trend towards premiumization. Consumers are increasingly opting for higher-value smartphones, facilitated by better trade-in values and easy financing schemes. This trend contributed to a 24% year-over-year growth in the ultra-premium segment.
Read Also: Samsung regained top spot in the Indian smartphone market
Shubham Singh, a Research Analyst with Counterpoint Research, noted that the Rs 20,000 – 30,000 and Rs 45,000+ price bands saw the fastest growth rates, at 25% and 24% year-over-year, respectively.
