The smartphone market in India returned to growth in the final quarter of 2023, driven by demand for premium models, with Canalys forecasting mid-single-digit growth for 2024.

Shipments grew 20 per cent year-on-year to 38.9 million units. The full year figure was down 2 per cent to 148.6 million.

Senior analyst Sanyam Chaurasia predicted future demand would be supported by affordable 5G models and a delayed replacement cycle impacted by Covid-19 (coronavirus).

“But the biggest challenge for vendors this year will be to manage the rising bill of materials costs.” 

Chaurasia said Q4 growth was aided by financing options and incentive schemes for retailers. 

Samsung shipments grew 20 per cent year-on-year, maintaining its top place with a 20 per cent market share.

Xiaomi shipments grew 31 per cent and Vivo’s 10 per cent, with each taking an 18 per cent share.

Realme moved to fourth position, with shipments up 69 per cent and a 12 per cent share.

Oppo lost share, falling to fifth with a 10 per cent, following a 5 per cent drop in shipments.