India smartphone shipments fall 10% in Q2 as memory-driven price hikes crush budget segment
Component cost inflation—memory prices up ~4x since Sept 2025 and now over 45% of BoM—pushed average prices up ~15%, gutting the sub-Rs 15,000 segment by 45%. Vivo led at 17.8% share; Apple slipped 3%, Nothing surged 105%. EMIs now over half of mainline sales. Counterpoint forecasts a further 13% decline in 2026.
India's smartphone shipments fell 10% YoY in Q2 as memory-driven component costs forced price hikes, crushing sub-Rs 15,000 sales 45%. Vivo led, Apple slipped 3%, financing/EMIs sustained premium demand; Counterpoint forecasts a further 13% decline in 2026.
Why this matters
The 10% Q2 drop confirms prior warnings of a 10-12% decline as memory inflation lifted prices ~15%. It marks the worst June quarter in six years, with budget buyers squeezed hardest.
Retail-company theme accelerating at +860000% QoQ.