India is now officially one of Apple’s top five performing global markets, as it maintains its strong grip on the premium smartphone line. According to a Counterpoint Research research, Apple kept a record 59% dominance in the ultra-premium segment (devices priced Rs 45,000 and above) in the second quarter of 2023. During the April-June period, the Indian premium smartphone segment grew by 112% year on year, accounting for a record 17% of total smartphone shipments in the nation.
With an 18% market share, Samsung maintained its lead in the Indian smartphone market for the third consecutive quarter. With a 34% market share in the premium smartphone class (Rs 30,000 and above), the South Korean company also outperformed Apple.
However, Apple continued to dominate the ultra-premium market with a 59% share, according to research analyst Shubham Singh. Currently, one of Apple’s top five markets is India. This shows how profitable of a market India is becoming for the Cupertino-based corporation.
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Vivo remained in second place among the top five brands and saw annual growth, making it the only one to make such strides. In the meantime, OnePlus became the brand with the fastest rate of growth in the Indian smartphone market during Q2, recording a remarkable YoY growth rate of 68%.
In the second quarter, inventory and demand conditions began to improve in anticipation of the upcoming holiday season. According to senior research analyst Shilpi Jain, both original equipment manufacturers (OEMs) and distribution channels took active actions to reduce their inventory through several offers and promotions.
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The expansion of Vivo was credited to its strong offline presence, the rise of its sub-brand iQOO in online channels, and a number of successful product introductions across several price tiers. With a commanding 21% market share in the upper mid-tier segment (Rs 20,000–Rs 30,000), OPPO emerged as the leading brand.