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According to the market research firm
“In 2023, growing investment in mainline retail space proved beneficial not only for vendors but also allowed the overall market to stabilise,” said
“The premium segment witnessed robust growth, thanks to easy financing options, incentive schemes for retailers and rising disposable income,” said Chaurasia.
“With the celebration of Diwali in November 2023, Apple got the opportunity to push the latest iPhone 15 series during the festive sales, contributing more than 50% to its shipments in Q4,” he added.
The analyst also noted that Samsung had set aggressive retail targets for its premium Galaxy S23 series to drive premium segment growth. Along with this, Samsung’s latest Galaxy S23 FE launch in Q4 drove shipments, due to compelling banking deals.
“Canalys expects the Indian smartphone market to grow by mid-single digits in 2024, driven by affordable 5G and the pandemic period replacement cycle. But the biggest challenge for vendors this year will be to manage the rising bill of materials costs,” Chaurasia stated.
