The Indian smartphone market’s wholesale revenue rose 9 per cent year-on-year (YoY) to hit a record high in 2024, a report said on Thursday.

Apple maintained its position as the leader in market value for the second consecutive year, and for the first time in Q4 2024, it also ranked among the top 5 brands by volume, according to Counterpoint Research.

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The smartphone shipments increased to 153 million units last year despite challenges like reduced consumer demand and macroeconomic pressures toward the end of the year.

The shift toward premium smartphones played a major role in this growth. Higher-priced devices, especially those above Rs 30,000 helped boost the market’s overall revenue as this segment now account for one in five shipments in the country, the report said.

“India’s smartphone market is maturing, with stable volume growth driven by longer replacement cycles,” said Shilpi Jain, senior research analyst at Counterpoint.

She further noted that consumers are increasingly choosing premium phones, which is contributing to the highest-ever revenue seen in the market.

There is a clear shift toward more expensive devices, supported by affordable financing options and trade-in programs. While the entry-level segment faced challenges, the demand for higher-end smartphones remains strong, she added.

5G smartphones made up nearly 78 per cent of total shipments in 2024, as affordable 5G chipsets became more widely available across different price segments, as per the report.

Vivo led the market in terms of volume for the first time in 2024.

The Nothing brand experienced a 577 per cent YoY growth in 2024, fuelled by the success of its 2a series and its sub-brand CMF.