The Indian smartphone market rose by barely one percent in the second quarter of 2024, shipping 36.4 million devices overall, says a report by Canalys.

The analysis found that most brands appeared to prioritize upgrading their mid-to-high-end product portfolios.

At the same time, some brands preferred to put effort into destroying their current inventory to maximize it before the festival season.

Smartphone major Xiaomi is observed to have risen to the top of the market with an 18 percent share and 6.7 million units shipped.

Another smartphone major Vivo also shows to be keeping pace by shipping 6.7 million handsets as well, thanks to mid-range and reasonably priced 5G models.

Then Samsung is said to have placed third with 6.1 million units shipped, followed by Realme and Oppo (excluding OnePlus) with 4.3 million and 4.2 million units shipped, respectively, rounding out the top five.

“In Q2 2024, top mass-market brands expanded their mid-high-end portfolios and shall use early monsoon sales to clear inventory, making space for new models ahead of the festive season,” said Sanyam Chaurasia, Senior Analyst at Canalys.

The company also surveyed customers, which showed that 44 percent of consumers anticipate buying a gadget in the upcoming year, with a sizable majority of "upgrade buyers" who are interested in the newest developments, such as 5G breakthroughs.

To further support growth, it is imperative that brands begin concentrating on innovation in their product lineups, adding technologies like GenAI and creating ecosystems.

“In Q2 2024, top mass-market brands expanded their mid-high-end portfolios and shall use early monsoon sales to clear inventory, making space for new models ahead of the festive season,” said Sanyam Chaurasia, Senior Analyst at Canalys.

He added, “Vendors should focus on business viability over market share, emphasising strong value propositions for consumers.”

Talking about the 5G device upgradation in recent times, Chaurasia said a recent consumer study by Canalys showed, “44 percent of consumers expect to purchase a device within the next 12 months, with a significant majority being ‘upgrade buyers’ focused on the latest innovations, including 5G advancements.”