CHART: India's Smartphone Market Performance in Q2 2024

• India's smartphone market growth slows to 1% in Q2 2024.
• Xiaomi reclaims top spot with 18% market share, tied with Vivo.
• Brands focus on mid-to-high-end segments to boost sales.

The Indian smartphone market might have reached a saturation point. Once a hotbed of growth and innovation, the region's smartphone market seems to be cooling off. 

According to the latest data from Canalys, smartphone shipments in the country increased by a mere 1% to reach 36.4 million units in the second quarter of 2024. This is a stark contrast to the double-digit growth figures we've seen in previous quarters.

Factors such as the general elections, seasonal demand slowdown, and extreme weather conditions in some parts of the country have been cited as the primary culprits behind this sluggish performance. Slow migration from feature phones to smartphones and the growing adoption of second-hand smartphones also impacted sales.

To stay afloat in this slowing market, brands are focusing on expanding their product portfolios, particularly in the mid-to-high-end segments. Xiaomi, for instance, is expanding its mid-to-high-end range with devices like the Redmi Note 13 Pro series and the Xiaomi 14 Civi, while vivo has pushed its V-series and Y200 Pro to strengthen its position in the mid-range segment. realme is also expanding its mid-premium portfolio with the GT 6T and Number series models.