India witnessed sale of INR 30 Crore Smartphones in 3 Months

The global smartphone market saw a significant recovery in Q3 2024, with shipments reaching 309.9 million units, marking a 5% year-on-year growth. This surge represents the strongest Q3 performance since 2021. According to a detailed report by Canalys, the growth was driven by aggressive product launches, strong value propositions, and robust consumer sentiment.

India's smartphone market has experienced significant growth, with approximately 46 million units shipped in the third quarter of 2024, marking a 3% year-over-year increase. This surge is attributed to the early onset of the festive season and a consumer shift towards premium devices, leading to a 12% increase in market value during the same period.

 

Also Read: https://www.varindia.com/news/indias-smartphone-market-increased-by-7-in-2021-idc

Samsung leads the market in terms of value with a 23% share, followed closely by Apple at 22%. In terms of shipment volume, vivo has reclaimed the top position with a 19% share, with Xiaomi trailing at 17%. Notably, 5G smartphones have reached their highest-ever share, accounting for 81% of total shipments, reflecting India's rapid adoption of advanced mobile technologies.

 This expansion is supported by the increasing average selling price of smartphones, which has risen from $192 in Q3 2020 to $293 in Q3 2024, indicating a consumer preference for higher-end devices.

The Indian market's growth is further evidenced by its global standing, accounting for 15.5% of worldwide smartphone shipments in Q3 2024, positioning it second only to China. In terms of market value, India holds a 12.3% share globally, ranking third after China and the United States. This upward trend is expected to continue, with projections indicating that India's cybersecurity sector will grow from $5.56 billion in 2025 to $12.9 billion by 2030, at a compound annual growth rate of 18.33%.