India smartphone shipments dip 2% in Q2 2024 as slow demand takes toll

India's smartphone shipments fell two per cent year-on-year in June quarter, hurt by the heatwave and slower demand, as per a report by global research firm Counterpoint that showed Xiaomi reclaimed top spot in volume share and Samsung led in value terms.

Notably, 5G smartphones captured their highest-ever share of 77 per cent in the overall shipments, according to Counterpoint's Monthly India Smartphone Tracker.

Another key takeaway was that India's smartphone market hit its highest ever Q2 value, driven by the ongoing trend of premiumisation.

"India's smartphone shipments fell 2 per cent YoY in Q2 2024 (April-June)," it said.

The decline was influenced by a heatwave, a seasonal slump, and slower demand from Q1 2024.

"In response, OEMs (Original Equipment Manufacturers) hosted sales events in Q2 to clear inventory, leading to a reduced sell-in and a period of degrowth," it said.

On the market's volume dynamics, Senior Research Analyst Shilpi Jain explained that heatwave conditio