Samsung Set to Overtake Xiaomi in Indian Smartphone Market, Says Counterpoint Research
In a significant shift in the Indian smartphone market landscape, Samsung is poised to dethrone Xiaomi from its long-held top position, according to a report by Business Standard (BS), citing Counterpoint Research. The market intelligence firm’s forecast indicates that by the end of CY23, Samsung is expected to secure an 18% volume market share, overtaking Xiaomi.
Xiaomi Faces Challenges, Projected to Drop to Third Place
Counterpoint Research’s projections suggest that Xiaomi’s volume market share in CY23 will decrease to 15%, causing the Chinese smartphone giant to drop to third place. Xiaomi has been facing various challenges and scrutiny from investigative agencies, contributing to the anticipated shift in leadership.
The Indian smartphone market is experiencing a trend of ultra-premiumization, with a focus on devices priced above INR 45,000 or approximately $540. In Q3 of this year, the smartphone segment witnessed a 44% YoY growth, driven by factors such as easy financing options, incentive programs, and growing consumer aspirations for the latest technology.
Apple, the iPhone maker, recorded its highest-ever quarterly shipments in Q3, surpassing 2.5 million devices. Samsung and Xiaomi were engaged in a fierce competition, with Samsung securing a market share of 17.2%, maintaining its leadership position for the fourth consecutive quarter. Xiaomi held the second spot with a 16.6% market share, followed by Vivo at 15.9%.
Counterpoint’s Prediction for Xiaomi’s Position
Counterpoint analysts predict that Xiaomi will fall behind its Chinese competitor, Vivo, which is projected to capture a 17% market share in CY23. The report highlights the dynamic nature of the Indian smartphone market and the competitive landscape among leading brands.
India’s smartphone shipments remained flat in the July-September quarter, but signs of recovery are emerging, especially with the gradual pick-up in consumer demand during the festive season. Apple’s strong quarterly performance reflects positive momentum in the market.
Growing Demand for Foldables in the Ultra-Premium Segment
The ultra-premium segment, particularly devices priced above INR 45,000, is witnessing a surge in demand. Notably, foldable smartphones are gaining popularity in this segment due to their unique form factors. The report mentions the increasing presence of foldable devices from various OEMs, including the Galaxy Z Fold 5, Galaxy Z Flip 5, OnePlus Open, Oppo Find N3 Flip, and Tecno Phanton V Flip, among others.
As the smartphone market in India continues to evolve, the battle for market share intensifies, and consumer preferences drive innovation, the dynamics of the industry are set for further transformations in the coming quarters.