India’s smartphone market records steepest first quarter decline of 19%

India’s smartphone shipments dipped to about 31 milion units in the January-March quarter, thereby recording the steepest fall of 19 per cent in the first quarter on year-over-year basis, market research firm Counterpoint said on Thursday.

Mobile phones priced below Rs 30,000 apiece recorded a sharp decline while shipment in the premium and ultra premium category registered 60-66 per cent increase.

“This was the highest ever Q1 decline seen by India’s smartphone market, besides being the third consecutive quarterly decline. Sluggish demand, high inventory build-up carried over from 2022, growing consumer preference for refurbished phones and pessimistic channel view of the market contributed to this decline,” Counterpoint’s market monitor service report said.