New Delhi, May 9 (IANS): Driven by consumers upgrading to higher-value phones across price tiers, India’s smartphone shipments in the January-March quarter (Q1) grew a record 8 per cent (year-on-year) in terms of volume and 18 per cent in terms of value, a report showed on Thursday.

5G smartphone shipments captured their highest-ever share of 71 per cent in volume terms, according to Counterpoint Research.

The premium segment reached 20 per cent volume share, its highest ever, and 51 per cent value share of the overall smartphone market in the country.

“India’s smartphone market reached its highest-ever Q1 value. The growth was driven by the strengthening trend of premiumisation,” said senior research analyst Shilpi Jain.

More than one-third of mid-tier consumers are willing to upgrade to the premium segment.

“Factors driving this trend include affordable financing schemes, better value for trade-ins, and bundled schemes, along with the demand for top-tier features such as AI, gaming, and imaging enhancements,” Jain added.

For the first time, vivo led the market by volume in a single quarter.

Samsung led the market by value after capturing over one-fourth of the total market value. Samsung’s average selling price (ASP) also reached its highest ever in India.

“We expect India’s smartphone market to grow in single digits in 2024, driven by strong premiumisation, 5G adoption and post-COVID upgrades,” said the report.