As per the latest Canalys research report, the Indian smartphone market grew 9% in Q3 2024 by shipping 47.1 million units. It was revealed that vendors cleared inventory through early monsoon sales across online and offline channels to gear up for the festive season. However, early festive demand was sluggish, impacted by rising food inflation and slow urban spending on consumer durables.

For the first time, vivo secured a pole position with 26% annual growth and 19% market share in Q3 2024, Xiaomi is in the second position with a 17% market share in this quarter but the annual growth is only 3%. Samsun is in third position with a 16% market share but the brand witnessed a 4% decline in annual growth. Oppo and Realme are in fourth and fifth position with 13% and 11% market share respectively. Among all the five brands, Oppo is the only company to witness the highest annual growth at 43%.

According to Sanyam Chaurasia, Senior Analyst at Canalys, “Both vivo and OPPO leveraged their expanded online portfolios, including the T3 and K12 series, to boost volumes beyond their traditionally stronger offline channels. The top brands in the market are expanding their portfolio in the mid-high range, in anticipation of clearing inventory during festive sales. Meanwhile, brands outside the top five experienced another strong quarter. Apple drove significant volumes with the iPhone 15, with stronger demand coming from smaller cities, ahead of its latest launch. Other brands, such as Motorola, Google, and Nothing, continue to drive volumes owing to strong pull factors from the unique design language, clean user interface, and channel expansion strategies.”

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Canalys has today officially shared Indian smartphone shipments for Q2 2024 and the annual growth of the Indian smartphone market in its latest report. According to the report, the Indian smartphone market grew modestly 1% in Q2, 2024, amid elections, subdued seasonal demand, and extreme weather conditions in some regions with a total of 36.4 million units shipped.

Xiaomi and Vivo are in a neck-to-neck competition capturing 18% market share with 6.7 million units shipped. But Xiaomi has secured the top spot with annual growth of 24% while Vivo’s annual growth is just 4%.  Samsung secured a 6.1% market share with 6.1 million units shipped while Realme and Oppo (excluding OnePlus) secured 4.3% and 4.2% market shares respectively.

According to Sanyam Chaurasia, Senior Analyst at Canalys, “Brands such as Xiaomi boosted their mid-to-high-end product lineup, driving volumes for the quarter with Redmi Note 13 Pro series featuring refreshed color offerings and newly launched Xiaomi 14 Civi with its camera quality and distinctive leather design.”

The report also reveals that 44% of the consumers are expected to purchase a device within the next 12 months with a significant majority being ‘upgraded buyers’ focused on the latest innovations, including 5G advancements.

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Last year as per Canalys report, Apple maintained its lead in the TWS market for Q4 while Samsung was at second position followed by Xiaomi. Well in Q1, 2024 things have changed quite a bit as according to the Canalys report Xiaomi has surpassed Samsung and has become the second largest TWS Brand globally.

In Q1 2024 the global TWS market showed steady growth, with shipments reaching 65 million, a year-on-year increase of 6%. Xiaomi has secured the second position emerging market position with shipments reaching 5.5 million and 61% annual growth while Samsung has crawled to the third position with shipments of 5.2 million and 3% annual growth. Apple is still dominating the TWS market globally despite an 8% decline in its annual growth. Apple has a market share of 24% with 16 million shipments in the first quarter.

If we talk about the other two brands in the top five TWS brands in the world, Boat was at the fourth position in Q4 2023 and in Q1 2024 also the brand has maintained its position with 7% annual growth and shipments of 2.9 million units. Meanwhile, Huawei has also made it to the top five list, securing the fifth position with 13% annual growth and shipments reaching to 2.2 million units.

Canalys has also released the report for the top five TWS brands in India for Q1 2024.

The Indian brand Boat is at the top position with 7% annual growth and has the biggest 33% market share. This is followed by Boult at the second position with 14% annual growth and 17% of market share. Though Noise has slid to the third position the brand has shown an impressive 115% annual growth and 15% market share in the TWS market in India. Oppo saw a decline of 23% in annual growth with a 7% market share for the first quarter of this year and is in the fourth position. While Realme has secured the fifth position with 5% annual growth and 4% of market share.

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Every year the mobile industry witnesses the launch of a number of devices whether it’s the mid-range devices or the flagship devices almost every smartphone brand arrives with their new devices each year in the global market. Consumers have also started investing their money in good smartphones these days giving preference to the quality and features of the device.

Maybe that’s the reason that the smartphone industry is growing slowly but gradually to what it was in recent years. From 2017 when the shipments of smartphones remain over 20% below last year’s 12% decline in shipments, the global smartphone market is rising year by year. Recently Canalys has published a report as to which the smartphone market will recover this year with the easing decline at 5%.

According to the report, in 2023, 1.13 billion smartphones will be shipped which is expected to grow 4% to reach 1.17 billion units in the year 2024. Regions like Middle East, Africa and Latin America have return to growth at 9%, 3% and 2% respectively this year. Also, one in three smartphones in 2024 will be sold in the Asia Pacific region while as per Sanyam Chaurasia, Senior Analyst at Canalys, “ This region will also witness some of the fastest growth at 6% year-over-year, driven by resurging demand in India, Southeast Asia and South Asia.”

Although it is said that AI capabilities on smartphones will have limited impact in driving high end smartphone upgrades in 2024 but a real growth in premium devices could be seen in 2024-2025 when AI features and use cases become compelling enough to motivate upgrades.

It is also expected that with improving business conditions in 2024 some of the Chinese brands like Honor, Transsion and Xiaomi will be aggressively expanding their business outside Greater China.

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