MUMBAI : The Q3 uptick was largely attributed to a wave of new device launches in July and August, combined with aggressive retail incentives and an earlier festive season that frontloaded inventory movement. Omdia clarified that shipment figures represent devices dispatched from factories to distributors, not necessarily sales to end consumers.

“Q3’s momentum was largely sustained through incentive-led channel push rather than pure consumer recovery,” said Sanyam Chaurasia, principal analyst at Omdia, adding that organic demand remained limited.

Manufacturers rolled out an array of marketing tactics, ranging from cash-per-unit bonuses and tiered dealer margins to zero-down-payment EMIs, bundled accessories, and extended warranties, to keep sales channels active and inventories moving.

Among key players, Vivo (excluding iQOO) topped the chart with 9.7 million units and a 20% market share, followed by Samsung with 6.8 million units (14%). Xiaomi reclaimed the third spot, tying with OPPO at 6.5 million units each. Notably, Apple surged back into the top five, shipping a record 4.9 million iPhones in India for Q3, its highest-ever for the quarter, securing a 10% market share.

Chaurasia credited Apple’s success to rising upgrades in smaller cities and the popularity of the iPhone 17 base model, which drew first-time premium buyers.

Despite the strong supply-side activity, analysts caution that consumer sentiment remains fragile. Urban consumers continue to delay upgrades due to employment uncertainties and rising cost sensitivity, despite better product availability and financing schemes, noted Chaurasia.

Rural markets, though steady, have not grown fast enough to offset the slowdown in metropolitan regions, raising concerns of an inventory glut in the final quarter.

Looking ahead, Omdia projects a modest decline in full-year smartphone sales for 2025, reflecting a delicate recovery cycle vulnerable to economic headwinds and channel corrections.