The India smartphone market remained stable in 2023 as shipments minorly fell 2% to 148.6 million units, according to the latest data released by Canalys on Thursday. The research firm now expects a mid-single-digit growth this year driven by affordable 5G handsets and the pandemic period replacement cycle, however, rising bill-of-materials may become a challenge.

Canalys attributed the market’s resilience to improved consumer confidence in the latter part of the year. Despite facing inventory challenges, minimal inflation improvements, and fluctuating demand for most of the year, vendors managed to sustain the market.

In terms of market share, Samsung emerged as the leader in Q4 2023 with 7.6 million units shipped and a 20% share. For the full year, Samsung recorded shipments of 28.4 million units and a 19% share.

Vivo secured the second position with shipments growing by 3% year-over-year in CY2023 to 26.1 million units. Its market share expanded from 17% in 2022 to 18% in 2023. Meanwhile, Xiaomi’s shipments declined by 15% year-over-year to 25.1 million units, leading to a decrease in its market share from 20% in 2022 to 17% in 2023.

Fourth-ranked Realme experienced the highest fall in shipments, dropping by 16% year-over-year to 17.4 million units. Its market share also shrunk from 14% in 2022 to 12% in 2023. Oppo, on the other hand, witnessed a 7% decline in shipments, but its market share remained unchanged at 11%.

According to Sanyam Chaurasia, Senior Analyst at Canalys, the growing investment in mainline retail space was beneficial for vendors and contributed to the stabilization of the overall market. Chaurasia highlighted that brands like Xiaomi and Realme saw their highest offline shipment share in Q4. Xiaomi’s Redmi 12 5G and Redmi 13C series were particularly successful in the offline market.

To further enhance their positions in the premium space, Chaurasia recommended that smartphone brands focus on strengthening the confidence of their channel partners.

The India smartphone market witnessed a strong rebound in Q4 2023, with shipments reaching 38.9 million units, a 20% year-over-year growth. Samsung maintained its pole position with a 20% market share and 7.6 million units shipped. Xiaomi continued its strong performance, securing the second place with 7.2 million units shipped. Vivo, Realme, and Oppo (excluding OnePlus) rounded out the top five.