The Indian smartphone market has reportedly witnessed a decline in the first-ever Q1 shipment by 20 per cent (year-on-year). A new market research firm has reported that the Indian smartphone market witnessed 30.6 million unit shipments in Q1 2023, which was a massive drop from 38.2 million witnessed in Q1 2022.
As per Canalys- the market research firm, the market is said to be witnessing uneven demand woes and channels remain vulnerable to stock build-up.
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Samsung has remained in the top spot with a 21 per cent market share and has been shipping 6.3 million units.
OPPO reportedly overtook Xiaomi and Vivo by reaching a second place with 5.5 million shipments, which was driven by new product launches in the Indian market.
Vivo followed Oppo and stood in the third position, with 5.4 million shipments, as it continued strong momentum in the offline channels.
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Xiaomi has reportedly slipped to fourth place, by shipping 5 million units, and the realme maintained fifth place with 2.9 million shipments as the online channel remained muted.
Sanyam Chaurasia who is an analyst said, "Just as the economic indicators toward the end of Q4 2022 clearly suggested that demand would remain sluggish in the short term, it was witnessed so in Q1 2023. Despite this challenge, investments from major brands are pouring in as they align with the government's vision and changing consumer behaviour."
He further added, "Year 2023 will be challenging as the mass-market segment is still moving slowly. Nonetheless, the premium segment is poised for growth, boosting the ASP growth of the overall market."
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At present, India's smartphone export growth has primarily been driven by two tech giants- Apple and Samsung. The brands have been helping in achieving a record-breaking export value of almost $4 billion in the first quarter of the year.
Canalys has said that he is expecting modest growth this year, driven by organic growth drivers.
However, as per the report, the 5G devices along with the other market drivers must offer compelling utility for consumers, in order to stimulate the upgrade cycle.
Chaurasia said, "Apple's new offline stores staffed by expert employees will further enhance its brand experience and position. While online heavy brands have driven units primarily through e-commerce sales, leading to periodic volume surges."
Inputs from IANS
