Poco India CEO Himanshu Tandon shared a post on social media platform X to highlight this achievement.He also thanked Indian users for their support.
Apart from Poco’s milestone, the report also noted that the Indian smartphone market shipped 148.6 million units in 2023. The market witnessed a slight 2% year-on-year decline which was better compared to the previously predicted 6% drop. Despite the ongoing inflationary pressures, there were multiple factors that led to this market stabilisation, the report noted.
As per the report, the stabilisation was driven by “strategic vendor inventory management, the launch of new, more affordable 5G models and an improved consumer environment in the latter half of the year.”
How the market, other brands performed in Q4 2023
The report notes that shipments in India shifted toward more expensive smartphones. In this quarter, the market share of smartphones in the sub-10k and sub-20k segments reduced by 2% and 12%, respectively.
In 2023, demand for 5G smartphones increased 65% year-on-year which was driven by the budget-friendly 5G-enabled models. Smartphone shipments in the sub-20k segment increased by 168% with Xiaomi, Samsung and Realme performing well in this segment.
Smartphones like the Xiaomi’s Redmi 12 5G, Poco M6 Pro and the newly launched Redmi 13C drove strong volumes, the report notes.
Samsung A14 5G in the offline channel and M14 5G in the online channel drove volumes during the festive season. Meanwhile, Realme’s 11x which was launched in Q3 2023 also performed well in Q4 2023.
The report also forecasted that the smartphone market in India is expected to grow by 5% in 2024.