As we welcome the year 2024, India's smartphone scene is witnessing a remarkable shift, characterized by its resilience, a bounce-back from previous slumps, and a noticeable spike in consumer interest. Insights from Counterpoint Research's Monthly India Smartphone Tracker shed light on the trends that dominated the third quarter of 2023 and hint at what's on the horizon.

On a global scale, the premium smartphone sector saw an unexpected 6% growth in 2023, according to Counterpoint Research's Market Pulse Service. This growth is significant, especially considering the overall smartphone market was expected to shrink. Premium devices, those priced at $600 or more, are now expected to make up nearly a quarter of global smartphone sales and a whopping 60% of the revenue. This shift is largely due to consumers valuing smartphones more as essential, long-term investments and the appeal of owning the latest and greatest tech.

In 2023, Apple's dominance in the premium market faced a slight dip, mainly because of Huawei's comeback in China with its Mate 60 series. Meanwhile, Samsung saw an uptick in its market share, thanks to its S23 and Foldable series. The introduction of foldable phones has indeed added a new dimension to the premium market.

India, in particular, is emerging as the fastest-growing premium smartphone market globally, indicating a significant change in consumer preferences.

Looking at India's smartphone market in Q3 2023, there's a narrative of resilience and recovery. The market is gradually picking up steam, especially with the festive season around the corner. Original Equipment Manufacturers (OEMs) are gearing up with new launches and are focusing on fulfilling channel demands in anticipation of the festive rush. Notably, there's a push towards offering advanced features like 5G and higher RAM in smartphones priced below Rs 10,000 (~$120), making high-tech more accessible.

Key trends in India include a swift move towards 5G, with over half of the smartphone shipments in Q3 2023 being 5G devices. Samsung remains at the forefront of the market, while Apple has seen a significant 34% year-on-year growth, marking its best performance in India to date. Vivo, too, has shown impressive growth, particularly in the offline market and the mid-premium segment through its sub-brand IQOO.

The ultra-premium segment, with devices priced above INR 45,000 (~$540), is also witnessing rapid growth, thanks to easy financing options and a growing consumer desire for the latest tech. Foldable smartphones are becoming more mainstream, especially in the ultra-premium category, due to their unique form factor.

Looking ahead to 2024, the Indian smartphone market is expected to maintain its positive trajectory. Factors like pent-up demand, an extended festive season, and the continued rollout of 5G are likely to fuel further growth.

In conclusion, India's smartphone market is on the brink of a transformative era, with consumers eagerly embracing advanced technologies and premium features. As the market evolves, platforms like Probz.ai, an AI-powered insights collection platform, play a crucial role in understanding consumer preferences and market trends, helping brands navigate this dynamic landscape effectively.