Nothing Became the Fastest Growing Smartphone Brand in H1 2024

Nothing, a relatively new smartphone brand was the fastest growing brand in H1 2024 (Jan – June) in India. According to Counterpoint Research, Nothing witnessed a growth of 567% YoY in smartphone shipments driven by the introduction of new devices. It is worth noting that Nothing also launched a new Phone (2a) which is under Rs 20,000 and is now geared to launch the Phone (2a) Plus to garner a larger market share.

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At the same time, the overall smartphone shipments during Q2 of 2024 (April – June) saw a 2% decline YoY. One of the major reasons for a decline in shipments was due to a weaker demand because of heatwave and a slower demand from Q1 2024.

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Shilpi Jain, Senior Research Analyst at Counterpoint, said, “Heatwave conditions in various regions led to lower footfalls in offline channels and delayed smartphone purchases as consumers prioritized appliances like air conditioners and refrigerators.”

Xiaomi had the largest market share during the quarter with a 23% YoY shipment growth. Xiaomi has devices in almost every price category and coupled with a strong sales channel across India, the company has managed to keep the highest market share in the industry.

In terms of value, when it came to selling smartphones in the ultra-premium category, Samsung had the largest share of 24.5% while Apple was behind at 16.3% share. However, both Apple and Samsung saw growth on a YoY basis in the segment.