India’s smartphone volume grew by 3% YoY in Q3 2024 (July-September), while its value surged by an impressive 12% YoY to reach an all-time record for a single quarter, according to the latest research from Counterpoint.

Commenting on the market’s value dynamics, Senior Research Analyst Prachir Singh said, "The market is increasingly shifting toward value growth, fueled by a premiumization trend, which, in turn, is supported by aggressive Equated Monthly Installments (EMI) offers and trade-ins." The premium sector covers smartphones priced over US$360

While Apple only holds about 7% volume-share in India, according to a recently Bloomberg report, Apple came in second in Q3-2024 with a 22% value share, only 1.1% behind leader Samsung which is within a margin of error.

Apple has aggressively expanded into smaller cities, driving significant value growth with an increased focus on newer iPhones. Strong shipments of the iPhone 15 and iPhone 16 ahead of the festive season have further enhanced Apple's performance. As consumers increasingly invest in premium smartphones, Apple has cemented its status as the top choice for premium buyers in India, supported by its aspirational image and expanding footprint.”

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