Smartphone market hits record shipments in Q1 2021: Counterpoint
Counterpoint Research said India’s smartphone shipments grew 23% year on year to more than 38 million units in Q1 2021, the highest ever first quarter shipments. New product launches, promotions and financial schemes, as well as pent-up demand coming from 2020, drove the market in Q1 2021.
Commenting on the market dynamics, Senior Research Analyst Prachir Singh said, “Continuing with its stellar run, India’s smartphone market registered a third consecutive quarter of record shipments in Q1 2021, riding on pent-up demand. Consumer confidence also increased due to the beginning of a vaccination drive in the country. But these numbers should be taken with caution as a second and more virulent wave of COVID-19 is currently on in the country and is likely to impact the coming quarters. The consumer demand will take a hit due to the ongoing COVID-19 wave and subsequent lockdowns.”
Commenting on the competitive landscape and brand strategies, Research Analyst Shilpi Jain said, “The Chinese brands held a 75% share in the March-ended quarter. Xiaomi led the market with a 26% share, followed by Samsung, vivo, realme and OPPO. Xiaomi has recently expanded its manufacturing capabilities with new EMS partners, which helped the brand maintain strong shipments during the quarter. All the major brands are focusing on new product launches to drive consumer demand. Samsung maintained a high number of new product launches in its Galaxy M-series, Galaxy F-series as well as the Galaxy S21 series during the quarter. Besides, realme launched its 8 series, OnePlus announced its 9 series and Xiaomi launched its Redmi Note 10 series that has started well. Brands are also focusing on promotions and financial schemes to increase consumer demand.”
Exhibit 1: India Smartphone Market Share, Q1 2021
India’s mobile handset market grew 19% YoY in Q1 2021 due to the strong performance of both feature phone and smartphone segments. The feature phone market registered a 14% YoY growth during the quarter driven by strong shipments of JioPhone under its new model and subsequent promotions. However, itel led the feature phone market in Q1 2021 with a 21% market share.
Exhibit 2: India Handset Market Share, Q1 2021
Note: Xiaomi’s share includes POCO brand
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The Market Monitor research relies on sell-in (shipments) estimates based on vendor’s IR results and vendor polling, triangulated with sell-through (sales), supply chain checks and secondary research.
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
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