India’s Smartphone Market Grew By 9% In Revenue In 2024, Apple Leads

The Indian smartphone market’s wholesale revenue rose nine per cent year-on-year (YoY) to hit a record high in 2024, a report said on Thursday.

Apple maintained its position as the leader in market value for the second consecutive year, and for the first time in Q4 2024, it also ranked among the top 5 brands by volume, according to Counterpoint Research.

The smartphone shipments increased to 153 million units last year despite challenges like reduced consumer demand and macroeconomic pressures toward the end of the year.

The shift toward premium smartphones played a major role in this growth. Higher-priced devices, especially those above Rs. 30,000 helped boost the market's overall revenue as this segment now account for one in five shipments in the country, the report said.

“India’s smartphone market is maturing, with stable volume growth driven by longer replacement cycles,” said Shilpi Jain, senior research analyst at Counterpoint.

She further noted that consumers are increasingly choosing premium phones, which is contributing to the highest-ever revenue seen in the market. There is a clear shift toward more expensive devices, supported by affordable financing options and trade-in programs.