Low single-digit progress doubtless for India’s smartphone market in 2024: IDC

New Delhi, Feb 13 (IANS): India’s smartphone market shipped 146 million smartphones in 2023, with a nominal 1 per cent progress (year-over-year), a brand new report mentioned on Tuesday, indicating a flat to low single-digit annual progress for the smartphone market this 12 months.

The second half of 2023 grew by 11 per cent, compensating for the sharp 10 per cent decline within the first half, in line with the Worldwide Knowledge Company (IDC).

“Most manufacturers selected to cut back costs and supply further channel margins within the final quarter to handle the stock ranges from publish festive cyclic dip. This may give a lukewarm begin to 2024 with cautious stocking by the channels,” mentioned Upasana Joshi, Analysis Supervisor, Consumer Gadgets, IDC India.

The common promoting worth (ASP) hit a report of $255, rising 14 per cent YoY in 2023. This additionally marks the third consecutive 12 months of double-digit ASP progress limiting smartphone market restoration.

The excessive ASP might be attributed to the rising share of the premium-segment ($600+) from 6 per cent in 2022 to 10 per cent in 2023, together with a fast uptake in 5G shipments to a report 55 per cent share.

Apple had a stellar 12 months, ending at 9 million items, regardless of having the best ASP of $940.

This was led by previous-generation iPhone fashions and its push for native manufacturing. Its iPhone 13 and 14 had been among the many prime 5 shipped fashions yearly.

Samsung remained within the management place, with a report excessive ASP of $338, though with a 5 per cent cargo decline YoY. Its Galaxy A14 was the best shipped system of 2023, in line with the IDC.

Vivo (excluding iQOO) climbed to the second slot as shipments and ASPs grew by 8 per cent and 9 per cent, respectively. It was the one model to register progress amongst the highest 5 manufacturers.

Realme, regardless of going through challenges to start with of the 12 months, maintained its third place, led by inexpensive launches, the report talked about.

 

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