Xiaomi Reclaimed The Top Spot With 23% YoY Growth In Market Volume Share While Nothing Witnessed Fastest Growth In H1 2024

The Indian smartphone market trend is changing, reveals the Counterpoint Technology Market Research report. As per the report, India’s smartphone shipment fell by 2% YoY in Q2 2024. At the same time, the report also says that India’s smartphone market achieved its highest Q2 value and the credit goes to the ongoing trend of premiumization.

Amid this ongoing trend, there is a company that became the fastest-growing brand in H1 2024, witnessing 567% YoY growth in shipments. The report has to say that this growth is driven by the introduction of new models including the mid-segment Nothing Phone 2a and CMF Phone 1. These phones have made the company’s product somewhere more accessible to those users who want a phone with impressive features at an affordable price.

The reason behind the fall of shipment is said to be the heatwave condition mainly that caused the buyers to prioritize appliances like air conditioners and refrigerators over a newly launched smartphone. Now coming on the market volume share in Q2 2024 Xiaomi reclaimed the top position with 18.9% market share while Vivo which was at the first position in Q1 2024 was at second position in Q2 2024 with 18.8% market volume share.

Both of the companies have shown growth though Xiaomi showed more in comparison to Vivo. The Senior Research Analyst, Shilpi Jain has to say on it “This growth is driven by the streamlined and focused portfolio that spans from the entry-level to affordable premium segments”. It is also said to have worked on the “strategy to push flagship handsets, improve marketing, and expand distribution channels.”

When it comes to the market value share Samsung still holds the top position with the 24.5% market value share. After Samsung, Vivo held the second spot, Apple third, and Xiaomi fourth. Xiaomi sub-brand POCO became the fastest growing brand in the INR 10,000-INR 15,000 segment with its 318% YoY growth.