23 July 2024
The Indian smartphone market was flat with a growth rate of only 1% in the second quarter of 2024 due to subdued seasonal demand.
Canalys said thatonly 36.4 million units were shipped in Q2 and blamed the flat growth on extreme weather conditions.
“The market is grappling with challenges such as fluctuating demand in the mass-market segment, slow migration from feature phones to smartphones and increasing adoption of second-hand smartphones,” said Canalys senior analyst, Sanyam Chaurasia. “A recent Canalys consumer study revealed that 44% of the consumers expect to purchase a device within the next 12 months, with a significant majority being ‘upgrade buyers’ focused on the latest innovations, including 5G advancements. Canalys anticipates mid-single-digit growth in both the upcoming festive season and overall shipments this year.”
