For the first time, Vivo led the market in terms of volume in a single quarter.
New Delhi:
Smartphone sales in the country grew by 8 percent in terms of volume and 18 percent in terms of value in the first quarter of this year compared to a year ago. Consumers have shown interest in ditching their old phones and buying expensive phones. A Counterpoint Research report released on Thursday said that 71 percent of every 100 smartphones sold during the quarter were 5G smartphones.
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The premium segment’s share of the country’s overall smartphone market has reached an all-time high of 20 percent (51 percent by value).
“India’s smartphone market reached its highest value in the first quarter. People are buying more premium phones. This has boosted revenue in the smartphone market,” said Shilpi Jain, senior research analyst.
More than one-third of mid-tier customers want to upgrade to the premium segment. He further said that factors behind this trend include affordable financing plans, good value for trade-in and bundled plans. Also, the demand for top features like AI, gaming and imaging enhancements is also included.
For the first time, Vivo led the market in terms of volume in a single quarter and led the market in terms of value after capturing more than a quarter of the total market value. Samsung’s Average Selling Price (ASP) has also reached an all-time high in the country.
According to the report, “We expect the country’s smartphone market to grow in single digits in 2024 due to strong premiums, 5G adoption and post-Covid upgrades.”