India's Smartphone Market Witnesses Flat Growth In Third Quarter (Image: Pixabay)

India’s smartphone market registered flat year-on-year growth during the third quarter of 2023, with shipments of 44 million units. As per the International Data Corporation’s (IDC) latest report, shipments in September were the lowest since 2019, as low demand and high prices restricted the growth.

According to IDC”s report, July and August witnessed single-digit growth due to early festive stocking by the channels. The report also mentioned that the average selling price (ASP) touched a high of US$253, with 5 percent quarter-on-quarter (QoQ) and 12 percent year-over-year (YoY) growth in the third quarter. Meanwhile, the shipments of 5G smartphones reached a record 58 percent share with 25 million units in this time period. The share of 5G phones in the under ₹17,000 segment surged to 52 percent. The report also mentioned that the highest shipped 5G models in the third quarter were Samsung’s Galaxy A14, Apple’s iPhone 13, and Xiaomi’s Redmi 12.

“A swift uptake in affordable 5G smartphone shipments signals bullish sentiments and success of affordability efforts of the vendors,” said Upasana Joshi, Research Manager at IDC India, in the report. The premium segment of smartphones, priced at ₹49,000 to ₹65,000, logged the highest growth of 52 percent. The iPhone 13, the Galaxy S23/S23 FE, and the Moto Razr 40 played a vital role in this growth. In the super-premium segment, which is above ₹65,000, there was a growth of 43 percent. With a 60 percent share, Apple is leading this segment. Samsung‘s share also increased from 24 percent to 36 percent in this segment with the arrival of the Galaxy Z Fold5 and Flip5. Notably, Samsung surpassed Vivo and achieved the top smartphone brand title in the country in the third quarter. The South Korean manufacturer had the highest ASP amongst the top five brands at US$381.