Vivo has claimed the top spot in India’s smartphone market, surpassing Xiaomi and Samsung in a historic shift. In 2024, Vivo secured the best-selling smartphone brand position, with Xiaomi trailing closely at second and Samsung sliding to third. Oppo, while dropping to fourth, showed an improvement in its performance as the year came to a close. Apple also had a standout year, seeing significant growth. Despite nearly no growth in the total number of smartphones sold, the revenue from sales hit an all-time high, according to Counterpoint Research.
Premium Phones Drive Revenue Growth
A rise in the purchase of premium phones fueled the revenue surge, with devices priced above Rs. 30,000 accounting for the growth. This segment led to a 9% increase in revenue, marking the highest-ever figure for the smartphone market in India. A total of 153 million smartphones were sold in 2024, a modest 1% rise from the previous year. In contrast, sales of budget smartphones under ₹10,000 saw a sharp decline, with sales dropping nearly by a third. Factors like inflation and higher prices made affordable options less attractive, while financing and exchange offers made premium models more accessible.
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Experts point out that the Indian smartphone market is evolving. Fewer people are purchasing their first smartphones, and existing users are holding on to their devices longer before upgrading. When they do upgrade, they tend to choose phones with enhanced features, better cameras, and improved processors.
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Key highlights from 2024 include:
- 5G smartphones now make up 78% of all sales.
- MediaTek powered 52% of smartphones, followed by Qualcomm at 25%.
- Nothing emerged as the fastest-growing brand, with a 577% increase in sales.
- Motorola made a successful comeback, doubling its sales since 2022.
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Despite a 4 percent drop in sales in the last quarter, flagship models continued to thrive, with brands focusing on improving cameras, AI features, and overall performance.