Trade-in
18
Oct
2024
4
min read

Canalys: Indian smartphone market grows 9% in Q3 2024 with trade-in schemes drive device sales

The Indian smartphone market saw a robust growth of 9% in Q3 2024, according to the latest Canalys report, shipping 47.1 million units. Vendors strategically cleared inventory through early monsoon sales across both online and offline channels, setting the stage for the upcoming festive season. Despite these efforts, early festive demand remained weak due to rising food inflation and sluggish urban spending on consumer electronics. In comparison. According to earlier research from IDC roughly 4.75 million used and refurbished devices were sold in the same quarter giving secondary Indian mobile market a market share of 10%.

vivo claims top spot amid strong trade-in strategies

For the first time, vivo clinched the top position, securing a 19% market share with shipments reaching 9.1 million units. This success is attributed to aggressive channel strategies and the introduction of new models in higher price brackets. Xiaomi followed, shipping 7.8 million units, primarily driven by its budget-friendly 5G lineup, while Samsung secured the third spot with 7.5 million units shipped. OPPO (excluding OnePlus) and realme rounded out the top five, with shipments of 6.3 million and 5.3 million units, respectively.

Trade-in schemes and financing drive growth

A major factor contributing to this growth is the success of competitive trade-in schemes and accessible financing options, especially for higher-priced models. In Q3, many buyers preferred to replace or upgrade their devices, particularly leaning toward models with expanded mid-to-high-end offerings. Despite these positive developments, entry-level demand remained weak as consumers postponed purchases due to rising prices, awaiting Diwali discounts.

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