Premium segment (Rs 30,000 and above) contributed 11 per cent to India's smartphone shipments and 35 per cent to overall market revenue in 2022, the highest ever.
Samsung led the market in 2022 in terms of shipment value share with a 22 per cent share, followed by Apple, in the country, according to Counterpoint Research.
However, in terms of shipment volume, Xiaomi led the market in 2022 with a 20 per cent share, closely followed by Samsung.
Xiaomi slipped to third position in Q4 2022 with Samsung and vivo capturing first and second spots respectively.
5G smartphones captured a 32 per cent share in 2022. Samsung became the top-selling 5G brand in 2022 with a 21 per cent share.
Apple continued to lead the premium smartphone segment, with the iPhone 13 emerging as the top-selling model. Apple also led the market in Q4 2022 in terms of shipment value.
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"Consumer demand started declining from the second quarter when the global economy was crippled by multiple macroeconomic issues like all-time high inflation, rising unemployment and geopolitical conflicts, affecting India's economy as well," said senior research analyst Prachir Singh.
Inventory build-up across channels after the second quarter led to lower-than-expected shipments throughout the second half of the year.
"We believe that the inventory and demand situation will continue to affect the market in the first half of 2023 before improving in the latter half driven by the festive season and upgrades to 5G devices," Singh added.
India's smartphone shipments declined 9 per cent YoY to reach over 152 million units in 2022, according to the report.
The decline, which is the second ever in India's smartphone market, can be attributed to the decline in entry-level and budget segments which faced supply constraints at the beginning of the year and then witnessed lower demand throughout the year.
"While entry-tier and budget segments were most affected, the premium segment remained immune and showed double-digit growth. OEMs' increased focus, consumers upgrading for premium features and, most importantly, availability of various financing schemes," said research analyst Shilpi Jain.
Overall, India smartphone market revenue remained flat despite a 9 per cent YoY decline in shipments.
OnePlus grew 50 per cent YoY in 2022 driven by the OnePlus Nord CE 2 series.
It focused on diversifying and expanding its product portfolio across different price points and increasing its offline presence to drive sales, the report mentioned.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)