This trend of buying luxury smartphones can be due to a few factors. The increase in disposable income of the general public as well as the overall phenomenon of buying into the trend of premium devices could be a deciding factor. Prabhu Raam, Vice President of Industry Research Group, CyberMedia Research has stated that this wave of luxury smartphone market in India will continue to gain more traction as the years go by.

According to a report, the shipment of such luxury smartphones continues to grow each year. The first quarter of 2024 has seen an increase in luxury smartphones by 20%. Furthermore, the second quarter witnessed a 10% year-over-year increase. It has been noted that these luxury phones have been estimated to be over 1% of the market in the first half of the year. The launch of upcoming Samsung and Apple releases is expected to elevate the rise. 

Luxury Smartphone Market: Samsung and Apple Dominance 

Samsung and Apple are the top dominators in the luxury smartphone market. Both of these companies have a dedicated customer base and provide quality high-end devices across the country as well as globally. The two tech giants have been dominating the market for several years despite their fluctuating market shares. 

Samsung holds over 73% of the market share and Apple accounts for 26% in the first quarter of the year. The second quarter of 2024 saw an increase in Apple’s market share, accounting for 39%. Samsung on the other hand decreased to 59%. The other brands in the Indian market have insignificant market shares with just around 1-2%.

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