India’s smartphone market nosedives 20% in Q1 as 2023 remains challenging

Amid sluggish shopper demand, the Indian smartphone market witnessed the first-ever Q1 cargo decline of 20 per cent (year-on-year), a brand new analysis has proven.

Overall, the India smartphone market noticed 30.6 million unit shipments in Q1 2023, a large drop from 38.2 million in Q1 2022.

The market continues to be witnessing uneven demand woes and channels stay weak to inventory build-up, in response to market analysis agency Canalys.

Samsung remained within the prime spot with a 21 per cent market share, delivery 6.3 million models.

OPPO overtook Vivo and Xiaomi to achieve second place with 5.5 million shipments, pushed by profitable new product launches.

Following intently behind, Vivo got here third with 5.4 million shipments, because it continued sturdy momentum within the offline channels.

Xiaomi slipped to fourth place, delivery 5 million models, whereas Realme maintained fifth place with 2.9 million shipments as the net channel remained muted.”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,” mentioned analyst Sanyam Chaurasia.

“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,” mentioned Chaurasia.

At current, India’s smartphone export progress is primarily pushed by Apple and Samsung, serving to obtain a record-breaking export worth of just about $4 billion in Q1.

Canalys expects modest progress this 12 months, pushed by natural progress drivers.

However, to stimulate the improve cycle, 5G units and different market drivers should supply compelling utility for shoppers, the report talked about.

“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,” Chaurasia added.

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