In Q2-23 Samsung was firmly the number one smartphone maker in India. One year later and two Chinese OEMs have overtaken Samsung in a tight race.

During the quarter, Xiaomi reclaimed the top spot with a 23% YoY growth in its shipments, driven by a streamlined and focused portfolio that spans from the entry-level to affordable premium segments. To further solidify its position, the company employed a strategy to push flagship handsets, improve marketing and expand distribution channels.”

vivo took the second spot, driven by its higher-priced models like the V30 series with enhanced cameras.

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While the smartphone company 'Nothing' didn't make the top five OEM's in the Indian Market in Q2, it should be noted that they were the fastest growing brand in H1 2024, witnessing 567% YoY growth in shipments driven by the introduction of new models, including the mid-segment Phone (2a) and budget-segment CMF Phone 1.

Commenting on the market’s value dynamics, Research Analyst Shubham Singh said, “In Q2 2024, India’s smartphone market achieved its highest ever Q2 value, driven by the ongoing trend of premiumization. Consumers continued to upgrade to higher-value smartphones, supported by better trade-in values and easy financing schemes. This resulted in a 24% YoY growth in the ultra-premium (>INR 45,000) segment.

Samsung led in value terms for the second consecutive quarter, capturing over one-fourth of the market. Its new Fold 6 series is expected to sustain this leadership. With the brand focusing on value over volume, its ultra-premium segment (>INR 45,000) grew by 99% YoY in Q2 2024. vivo took the second spot, driven by its higher-priced models like the V30 series with enhanced cameras.

Meanwhile, Apple ranked third in value terms. But it is expected to rebound in the next quarter, driven by the recent price cuts across the entire range of iPhones.”

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The meaning of Value Share: The amount of money that a company makes selling its products or services compared to the amount of money that others make.

According to Tim Cook in yesterday's financial conference call, Apple "set quarterly revenue records in more than two dozen countries and regions, including Canada, India, Mexico, France, Germany, the UK, Indonesia, the Philippines, and Thailand.

Luca Maestri added that Apple "saw particularly strong performance in our emerging markets, with June quarter records for Mac in Latin America, India, and South Asia."