Samsung leads India’s smartphone market with a 25% value share in Q2 2024. Its ultra-premium segment (>INR 45,000) grew by 99% YoY, driven by the Fold 6 series and premiumization trends.
New Delhi. Samsung has reaffirmed its dominance in the Indian smartphone market, securing a 25% value market share in the quarter ending June 2024, as reported by Counterpoint Research. This marks the second consecutive quarter where Samsung has led the market in value terms.
Counterpoint Research highlighted the significant impact of Samsung’s strategy focusing on value over volume. According to their statement, Samsung’s new Fold 6 series is expected to sustain this leadership, with the ultra-premium segment (priced above INR 45,000) growing by 99% year-over-year in Q2 2024.
India’s smartphone market has achieved its highest ever Q2 value, driven by the ongoing trend of premiumization. Consumers are increasingly upgrading to higher-value smartphones, facilitated by better trade-in values and easy financing schemes, according to Counterpoint.
Shubham Singh, Research Analyst with Counterpoint Research, noted, “This resulted in a 24% YoY growth in the ultra-premium (>INR 45,000) segment.”
The research firm also pointed out that the Rs 20,000 – 30,000 and Rs 45,000+ price bands saw the fastest growth, at 25% and 24% YoY respectively, highlighting robust demand in these segments.