Xiaomi Indian market share grows to 18 per cent
According to data, Xiaomi’s shipments grew by 24 per cent annually, increasing its market share to 18 per cent in the June quarter from 15 per cent a year ago. Vivo, which ranked second, saw a 4 per cent annual growth with its volume share remaining unchanged at 18 per cent. Meanwhile, Samsung’s shipments fell by 8 per cent, resulting in a 17 per cent volume share. Other Chinese brands Realme and Oppo ranked fourth and fifth, with volume shares of 12 per cent and 11 per cent, respectively.
“While reclaiming the top spot in the Indian smartphone market is an achievement we are proud of, our priorities go beyond rankings… our deep understanding of India coupled with our inherent technological strength has allowed us to become an integral part of the country’s social fabric,” B Muralikrishnan, president of Xiaomi India wrote in a post on social messaging platform X (formerly Twitter).
Trust is at the heart of everything we at @XiaomiIndia do. We’ve had an incredible quarter, and it wouldn’t have been possible without the unwavering support of our fans, partners, and media friends.A heartfelt thank you to each of you for making this journey possible. Truly,… https://t.co/ysznAPO8hH pic.twitter.com/gBh1w4N4Jo
— Muralikrishnan B (@hawkeye) July 18, 2024
“Brands such as Xiaomi boosted their mid-to-high-end product lineup, driving volumes for the quarter with the Redmi Note 13 Pro series featuring refreshed color offerings and the newly launched Xiaomi 14 Civi with its camera quality and distinctive leather design,” Sanyam Chaurasia, senior analyst at Canalys observed.
Chaurasia further explained, “Vivo’s success in the mid-range market was driven by the V-series and Y200 Pro, focusing on refined design and camera features, along with increased push through LFR retail stores. Realme has also expanded its mid-premium portfolio with the GT 6T and Number series models and plans to clear elevated inventory during the monsoon e-commerce sales.”
Xiaomi popular in India despite govt scrutiny
Xiaomi India is currently under investigation by the Enforcement Directorate for alleged illegal remittances to third parties under the guise of paying royalties to its Chinese parent. Xiaomi India has denied any wrongdoing, and the matter is currently in court. Despite these issues, Xiaomi has remained popular among users in the country.
Xiaomi’s 77 per cent dip in FY23 profits
Xiaomi Technology’s profit in India plunged by 77 per cent year-on-year to Rs 238.63 crore at the end of FY23. The company had posted a profit of Rs 1,057.7 crore in the preceding financial year. The company earned Rs 26,395 crore from the sale of products and Rs 264 crore from the sale of services, including advertisements and value-added services, during the year under review.
Despite a 25 per cent decline in smartphone shipments during 2022, including three-quarters of FY23, Xiaomi has regained its position as a leader in the Indian smartphone market, and these figures indicate a turnaround for the phone maker.
Four out of five top smartphone players in India – Chinese
The four Chinese players in the top five cumulatively held a 59 per cent market share in the June quarter, up from 55 per cent a year earlier. The cumulative market share of Chinese smartphone brands – Xiaomi, Vivo, Oppo, Realme, Transsion, and Motorola – rebounded to more than 75 per cent in the June quarter, from a low of 61 per cent in the September quarter last year, according to market trackers.
 "Canalys report on Indian smartphone market")
Indian smartphone market grew 1 per cent in Q2FY24
Total mobile shipments in the June quarter grew marginally by 1 per cent year-on-year to 36.4 million units, according to Canalys. The research firm forecasts a mid-single-digit increase in shipments during the upcoming festive season and for the full year. The muted shipment growth in the fiscal second quarter was attributed to elections, subdued seasonal demand, and heatwaves in several parts of the country.
“Inventory levels remained high with some vendors continuing to launch new devices in higher price segments during the quarter, while others concentrated on reducing existing stocks to optimise inventory ahead of the festival season,” Canalys mentioned.
Top mass-market brands expanded their mid-high-end portfolios in the June quarter and plan to use early monsoon sales to clear inventory, making space for new models ahead of the festive season, Chaurasia noted.
First Published: Jul 19 2024 | 12:54 PM IST
