Premium Smartphone Market in India 2024-2029

The premium smartphone market in India consists of devices that cost over INR 30,000, accounting for 20% of the market in terms of volume and 51% in terms of value.

In 2021, the premium smartphone market in India was valued (based on volume of shipments) at 6.44 million units. In 2023, it reached 14.60 million, expanding at a compound annual growth rate (CAGR) of ~50.57% during the 2021 - 2023 period. The swift expansion of the premium smartphone market is driven by increasing disposable income, urbanization, and a change in consumer preferences in favor of upgrading to high-end devices for better performance, advanced features, and superior user experiences.

Availability of EMIs, trade-in schemes (exchange offers), and buy-now-pay-later options, along with government initiatives supporting digitalization and 5G infrastructure, have rendered premium smartphones more reachable for a broader audience, thereby propelling the market's expansion.

Market drivers: 

Premium smartphones come with top-tier processors, advanced cameras, and improved performance, elevating the overall user experience. High-end smartphones come equipped with advanced security measures like facial recognition, in-display fingerprint sensors, and secure encryption, ensuring users a more secure and reliable experience.

Market Trends: 

The increasing popularity of 5G in India is fueling the need for high-end smartphones that provide quicker internet connections, allowing for improved streaming, gaming, and browsing. Premium smartphones with 5G technology offer consumers enhanced network connectivity, resulting in superior performance in busy or high-traffic locations.