The demand for luxury smartphones has significantly increased in the Indian market, which will be driven by rising disposable incomes and a growing trend towards premium products. A new report states that smartphones which are priced around Rs 1 lakh and above have gone up by 20 per cent year-on-year in Q1 of the year. The shipments in the Rs 1 lakh and above segment accounted for just over 1 per cent of the market in the first half of this year.
“This share is expected to increase slightly in the second half of the year with the arrival of Samsung Galaxy Foldables and the new Apple iPhone series,” Tarun Pathak, Director, Counterpoint Research, told IANS.
In 2021, luxury or super-premium smartphones saw 14 per cent growth (YoY) in the country. In 2022, this growth surged to 96 per cent and in 2023, it was 53 per cent.
Samsung led the super-premium smartphone market with a 52 per cent share in 2023, followed by Apple at 46 per cent.
According to Prabhu Ram, VP-Industry Research Group, CyberMedia Research (CMR), the premiumisation wave in the Indian smartphone market continues to gain momentum.
“Consumers are increasingly prioritising smartphones devices that not only offer superior specifications and features, but also serve as lifestyle statements,” he told IANS.
According to him, the market insights point to uber-premium smartphones (Rs 1 lakh and above) enjoying a remarkable 80 per cent year-on-year growth in the country in the first half of this year.
In the April-June quarter, Samsung led the market in terms of value with a 25 per cent share, followed by vivo and Apple. Meanwhile, Apple is expected to rebound in the next quarter, driven by the recent price cuts across the entire range of iPhones.
In Q2 2024, 5G smartphone shipments in India hit a record 77 per cent share of the overall smartphone market, driven by their declining average selling prices (ASPs).
ALSO READ: Google Play Store to introduce auto-open feature for Apps: All you need to know
Google is reportedly working on a new feature for the Play Store that will enhance the app installation experience on Android devices. Here’s everything we know about the upcoming auto-open feature and other recent updates.
Inputs from IANS
