Temporary dominance or here to stay?
According to Sujeong Lim, associate director, Counterpoint Research, it was the entry-level brands that have propelled the Indian market. “During the quarter, 30% of models shipped in the Indian market sold for less than $50, and major local brands launched cost-effective models, lowering the entry barriers for consumers,” said Lim.
On the other hand, China’s economic slowdown resulted in a decline in its market, with major Chinese brands such as Huawei, imoo and Amazfit seeing limited YoY growth or decline. China, which ranked second in the previous quarter, was pushed down to third place with a 10% YoY decrease in its shipments as consumer demand contracted due to COVID-19 lockdowns and negative economic growth. Europe, which ranked third in the previous quarter, was pushed down to fourth place with a 13% YoY decline against the backdrop of the Russia-Ukraine war. All these factors clearly played a critical role in the growth of Indian smartphone market’s numbers.
Which Indian brands have grown the most?
Homegrown brands Fire-Boltt Noise were the biggest gainers and the fourth and fifth biggest brands in the world in Q2, 2022. Compare to the corresponding quarter last year, neither brand had figured in the list at all. Fire-Boltt, as per the report, is also the number one brand in India whereas Noise despite growing 298% YoY was the second biggest brand in India. Counterpoint report suggests that Noise gained popularity in both online and offline markets of India and garnered about 26% market share.
