Author: Vikas Yadav
Sun, 30 Apr 2023 01:09 PM (IST)
THE INDIAN smartphone market witnessed a downward trend of 19 per cent YoY in the first quarter of 2023 to leap 31 million plus units, as per Counterpoint Research data. It was among the highest-ever Q1 dip in the country. The over Rs 45,000 segment witnessed a growth rate of 66 per cent.
The price category of Rs 30-45,000 rose by 60 per cent. Further, under 30K and below categories dipped in the range of 33-34 per cent. Lastly, a 9 per cent dip in the under Rs 10,000 category was reported. Here is the brand-wise share in the Q1 of 2023.
Samsung: The South Korean giant cemented first position with a 20 per cent share in the first quarter this year. It also leads 5G handsets shipments (24 per cent). Plus, the growth of the ultra-premium segment (over Rs 45,000) rose by 247 per cent, partly due to the new S23 series.
Vivo and iQOO: Shipments of Chinese smartphone makers Vivo and iQOO grew from 15 to 17 per cent in the Q1 of last year to 2023. It leads the price category of Rs 30-45,000 with a 40 per cent share.
Xiaomi and POCO: The company witnessed a sharp decline in shipments. From 23 (in Q1 2022), it squeezed to just 16 per cent in Q1 2023. The weak under Rs 10,000 demand, cluttered portfolio and online dependence were the stated reasons for poor numbers.
Apple: The Cupertino, California-based tech giant, amassed a 6 per cent share in the first quarter. Further, Counterpoint speculates the new stores would help expand demand in future.
What do experts say?
“We are observing a change in consumer behaviour – demand is now concentrated around promotional periods. The beginning of the quarter saw a surge in demand across channels around the Republic Day sales period. However, demand dropped significantly after the sales period,” Shilpi Jain, Senior Research Analyst, said.
“Premiumization trend is becoming stronger with each passing quarter. The premium segment’s share almost doubled in Q1 2023 compared to Q1 2022. Affordability is the key here as we saw more financial schemes being launched, like Apple’s ‘No-cost EMI with zero down payment’ through HDB Financial Services, offers on latest premium segment launches, increase in trade-in offers and push from retailers, Prachir Singh, Senior Research Analyst, said.