India beats US, becomes second largest smartphone market in 2019
New Delhi : Riding on the success of Chinese brands in the Indian markets, India has left the US far behind to become the second largest smartphone market in 2019. China took the first spot, a report from Counterpoint Research said on Friday.
Xiaomi continued to top the chart with 28 percent market share, Samsung took the second spot with 21 percent and Vivo at 16 percent market share, said Counterpoint's 'Market Monitor' service.
"Although the rate of growth for smartphone market hit single digit for the first time ever on an annual basis, India is underpenetrated relative to many other markets with 4G penetration in terms of subscribers being around 55 percent," said Tarun Pathak, Associate Director, Counterpoint.
"Chinese brands share hit a record 72 percent for the year 2019 as compared to 60 percent share a year ago.
"This year, we have seen all major Chinese players expanding their footprint in offline and online channels to gain market share. For instance, Xiaomi, Realme, and OnePlus have increased their offline points of sale while brands like Vivo have expanded their online reach with Z and U series," said Anshika Jain, Research Analyst at Counterpoint.
Over the past four years, Xiaomi, Vivo, and OnePlus have grown 15 times, 24 times and 18 percent, respectively.
"This highlights that OEMs are mature enough to capture next wave of growth and expand their operations in India," Jain added.