India’s smartphone shipments drop 10% in Q3 as prices hit record

India’s smartphone market fell by 10% year-on-year last quarter to 43.5 million units, marking the lowest third-quarter shipment since 2019, and a high inventory pile-up is expected to lead to a muted fourth quarter, market research firm IDC said on Monday.

Despite the festival season beginning earlier than usual, the unrelenting rise in prices pulled down shipments in the world’s second-biggest smartphone market, IDC said.

The average selling price jumped 15% year-over-year, and 6% from the previous quarter, to a record $226, IDC said.

“The average selling price has grown consistently for the past eight quarters in a row due to increasing costs and growing 5G shipments at mid-premium price points,” said Upasana Joshi, research manager, client devices, IDC.