According to a recent report, India's smartphone shipments will total over 152 million units in 2022, down 9% YoY, with the luxury sector continuing to grow and registering a double-digit share for the first time.
This is the second-ever YoY loss in India's smartphone market, according to the most recent information from Counterpoint's Market Monitor service, and it is caused by a decline in entry-level and cheap handsets. The research indicated that both segments had lower demand throughout the year and supply difficulties at the beginning of the year.
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The global economy was hampered by many macroeconomic problems, such as all-time high inflation, rising unemployment, and geopolitical conflicts, which also had an impact on India's economy, starting in the second quarter, which is when consumer demand began to decline.
Singh emphasised that lower-than-expected shipments during the second half of the year were caused by the inventory build-up across channels following the second quarter. In the first half of 2023, Singh stated, "we anticipate that the supply and demand scenario would continue to impact the industry before rebounding in the second half, driven by the holiday season and upgrades to 5G devices."
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India's smartphone market revenue stayed constant overall even though the entry-level and budget categories of handsets experienced a dip. The top smartphone model in 2022 was the iPhone 13, as Chinese brands suffered a fall in value share. In 2022, they together took home 60% of the revenue share, down from 65% the year before.
The premium smartphone market's share continued to increase in 2022 and reached 11%, which is the highest level ever, despite dropping sales numbers. This counterintuitive pattern suggests that the value-driven market for smartphones is taking over the volume-driven industry in India "Shilpi Jain, a research analyst, remarked.
"Due to OEM concentration and speedier consumer upgrades, we think the premium market will maintain its pace in 2023 as well, she added.
With a 24% YoY loss, Xiaomi (including Poco) fell to third place in Q4 2022 but continued to lead the Indian smartphone market in 2022. Samsung kept the second position in 2022 before overtaking it as the top brand in the fourth quarter. It was the only top-five smartphone brand that did not experience a fall.
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.With a 21% market share, Samsung also overtook Apple as the leading 5G smartphone brand in 2022. In 2022, the South Korean manufacturer also held the top spot in the premium affordable segment (between Rs. 30,000 and Rs. 45,000), thanks to the A series' redesign and alluring holiday-season promotions.
Additionally, it was the ultra-premium segment's brand with the quickest growth (Rs 45,000 and above). Due to a significant emphasis on the offline market, Vivo managed to take third place in 2022 and second place in Q4 2022.
Its internet market presence was expanded by its subsidiary brand, iQoo.
Following, with a 17% share, it ranked second in the shipment of 5G smartphones in 2022. Realme fell to fourth place in 2022 after seeing a 14% YoY loss as a result of its increased exposure to the sub-Rs 10,000 market. According to the research, the brand suffered from a build-up of inventory, unfavourable market conditions in the sub-Rs 10,000 area, and economic challenges.
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With a 7% YoY drop, Oppo retained its fifth place in the Indian smartphone market in 2022. Itel, Infinix, and Tecno, brands of the Transsion Group, represented 12% of the Indian handset market and took third place in 2022.
Apple maintained its dominance in the overall premium market (Rs 30,000 and above) as well as the ultra-premium segment in 2022, growing by 16% YoY. (Rs 45,000 and above). In terms of shipment value in the fourth quarter of 2022, Apple also lead the Indian smartphone market.
The OnePlus Nord CE 2 series helped OnePlus grow by 50% YoY in 2022. With a 22% share, it took second place in the budget premium class. In 2022, the Nord CE 2 Lite was the most popular 5G model under Rs 20,000.