Samsung and Apple have increased their market share and revenues as cheaper rivals see sales slow.
Even as Apple touts India as its next big growth area, clouds are gathering over the country's smartphone market.It comes even as the technology giant's boss says India is at a "tipping point" with its expanding middle class.
That was 16% lower than in the same period of 2022 and the lowest first-quarter shipments in four years. At the same time some analysts have pointed to the growing trend of "premiumisation" - when wealthier consumers move towards more expensive products. "The K-shaped recovery is not allowing the consumption demand to become broad-based nor helping the wage growth especially of the population belonging to the lower half of the income pyramid," India Ratings and Research said.
This indicates that lower income customers "were are still hesitant to upgrade," according Manish Raj Singhania, the president of the Federation of Automobile Dealers Associations.
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