Samsung has secured the top spot in India’s smartphone market by value for the third consecutive quarter in 2024, claiming a 23% market share, according to the latest data from Counterpoint Research. The Indian smartphone market achieved its highest-ever value in Q3 2024, with Samsung leading the charge.
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Premiumization Fuels Record Value Growth
The market is increasingly shifting towards value growth, fueled by a premiumization trend supported by aggressive EMI offers and trade-ins. “The market is increasingly shifting toward value growth fuelled by a premiumization trend supported by aggressive EMI offers and trade-ins. Samsung currently leads the market by value with a 23% share, maintaining its position by prioritizing its flagship Galaxy S series and enhancing its value-driven portfolio,” said Prachir Singh, Senior Research Analyst at Counterpoint Research.
Read Also: Samsung regained top spot in the Indian smartphone market
Samsung’s Strategy: Galaxy AI Features and Mid-Range Expansion
To strengthen its market presence, Samsung is integrating Galaxy AI features into its mid-range and affordable premium models in the A series, encouraging consumers to upgrade to higher price segments. This move appears to be paying off, as consumers show a growing appetite for premium smartphone sales without breaking the bank.
Festive Season Boosts Volume Growth
Value growth during the third quarter (July-September 2024) surged by an impressive 12% year-on-year, reaching a record in a single quarter, according to the Counterpoint Research report. In terms of volume, the smartphone market grew by 3% year-on-year. The volume growth was driven by the earlier onset of the festive season. OEMs proactively filled channels, ensuring that retailers were well-prepared for the anticipated surge in festive sales, although festive sales started at a slower pace compared to last year.
Market Dynamics and Consumer Behavior
The value growth was driven by the ongoing premiumization trend, while the volume growth was influenced by the festive season sales. Consumers are increasingly opting for premium smartphones, leading to higher average selling prices. Aggressive EMI offers and trade-ins have made high-end devices more accessible, encouraging consumers to invest in better technology.
Read Also: Samsung leads global smartphone shipment in Q3 with Apple
A Changing Landscape
While Samsung’s dominance is noteworthy, the real story lies in the shifting consumer preferences within India’s smartphone market. The growing demand for premium features at accessible price points suggests that consumers are no longer just looking for a device—they’re seeking an experience. As OEMs continue to innovate and compete, it’s the consumers who stand to gain the most from this dynamic market.
