The Zhitong Finance App learned that on May 24, Canalys published an article stating that in the first quarter of 2024, the Indian smartphone market performed strongly, with 35.3 million units shipped. After entering 2024, the manufacturer's inventory situation improved, which enabled the channel to accept various new products launched this quarter. Due to low shipments in the first quarter of 2023, the market faced problems such as inflationary pressure, weak demand, and inventory, so the market grew 15% year-on-year in the first quarter.

In the first quarter of 2024, Samsung maintained the number one position in the market with a 19% share and 6.7 million units shipped. vivo ranked third with 6.2 million units shipped. OPPO (excluding OnePlus) and Realme ranked in the top five with shipments of 3.7 million units and 3.4 million units respectively.

Sanyam Chaurasia, senior analyst at Canalys, said: “While most brands achieved double-digit growth in the first quarter, brands outside of the top five continued to challenge the market share of leading manufacturers. The vendor's price adjustments and promotion strategies at the end of the fourth quarter of 2023 helped manage inventory in the first quarter of 2024. India's “Republic Day” promotion in January accelerated this momentum, and brands are using the promotions to promote their latest products.”

Sanyam Chaurasia added that Samsung's latest flagship product, the Galaxy S24, sold more than the previous generation, mainly due to preferential pre-order upgrade policies, Samsung Finance+, and AI feature marketing. OPPO is the only brand to decline in the top five because it has streamlined its product portfolio and reduced the number of new product launches at medium to high prices. Outside of the top five, Motorola, Infinix, and Apple achieved high double-digit growth, narrowing the market share gap with the top players. Apple's growth is due to the iPhone 15, which has had many price cuts and promotional offers on e-commerce platforms.

Chaurasia said, “Mass-market brands are prioritizing value-driven strategies to cope with weak demand growth in volume-driven markets. In the first quarter, brands such as vivo and OPPO launched their latest models. Although import tariffs on a few parts have been reduced, price increases are expected to continue due to rising component costs and increased operating pressure. Brands are also prioritizing channel incentives and retail investments, further driving up costs. This year, brands will work to justify incremental pricing beyond 5G capabilities. This will be mainly achieved through design language, user experience, and other AIoT products connected to smartphones.”

Chaurasia continued: “The Indian smartphone ecosystem emphasizes that localization is inevitable. Although the 2024 growth catalyst appears to be limited to 5G equipment upgrades and high-end upgrades, manufacturers must focus on long-term strategies to achieve sustainable development. In the context of the government's push for localization, manufacturers must further focus on restructuring local distribution, leveraging local manufacturing partners, and appointing Indian management. Additionally, they also need to prioritize improving user experience and market education to achieve more effective customer engagement. Expanding to smaller cities, strengthening mainstream retail, and building channel confidence will be critical.”