Counterpoint data shows shipments fell 10 percent in Q2 2026, the sharpest
June-quarter drop in six years, but two brands found room to grow against the tide
India’s smartphone market just had its toughest April-to-June stretch in six years, with overall shipments sliding 10 percent year on year. Yet buried inside that decline are two standout stories: London-based Nothing posted a 105 percent jump in shipments, and Google Pixel surged 68 percent in the ultra-premium segment, both bucking a trend that pulled almost every other major brand downward.
Nothing Phone 4a and Google Pixel smartphones displayed side by side
A Market Under Pressure
According to Counterpoint Research’s Q2 2026 India Smartphone Shipment Tracker, the slowdown was driven largely by a sharp rise in memory costs, which pushed prices up across nearly every price band. The pain was most visible at the bottom of the market. Shipments in the sub-15,000 rupee segment fell 45 percent year on year, a steep drop that hit Chinese-origin brands particularly hard, since many of them lean heavily on entry-level and mid-range devices. Their combined market share fell to its lowest point for a second calendar quarter since 2020.
Not every part of the market suffered equally. The premium end, phones priced above 45,000 rupees, held up comparatively well, helped along by financing options that softened the blow of higher upfront costs for buyers willing to stretch their budgets.
Where the Growth Came From
Vivo, excluding its iQOO sub-brand, retained the top overall spot with roughly 18 percent market share, powered by strong demand for its premium V70 series even as its budget Y and T lines struggled under price hikes. Samsung was the only brand among the top five to grow shipments at all, managing a modest 2 percent increase on the back of steady demand for its Galaxy A and S series devices. Oppo held third position with a 13.6 percent share, while Xiaomi, including its Poco sub-brand, came in fourth with 13.4 percent.
But the real headline belonged to two brands operating at very different ends of the market. Nothing recorded 105 percent year-on-year shipment growth, a figure Counterpoint attributed to strong demand for the Phone 4a series along with a sharp rise in brand visibility after Nothing signed on as title sponsor of Royal Challengers Bengaluru for the IPL season. The achievement was notable enough on its own, but it also marked the ninth time in ten consecutive quarters that Nothing has claimed the title of India’s fastest-growing smartphone brand, a remarkably consistent run for a company still relatively young in the market.
Google Pixel, meanwhile, carved out its own win in the ultra-premium tier, growing 68 percent year on year. Analysts pointed to a combination of aggressive marketing and an expansion into offline retail, achieved notably without raising prices on its devices, a rare move in a quarter defined by cost increases almost everywhere else.
Apple’s performance sat somewhere in between. The company saw a 3 percent decline in shipments and its market share settled at 7 percent. Demand for the iPhone 17 series reportedly remained healthy, but supply constraints and inventory shortages kept the brand from converting that demand into higher shipment numbers.
A Complicated Picture for Nothing
Nothing’s India success carries an unexpected twist. While the company was celebrating its ninth fastest-growing quarter in India, reports emerged that it is simultaneously pulling back on a global scale. Sources indicate the company is preparing to exit more than a dozen international markets in the coming weeks, alongside cuts to headcount, as it works through financial strain elsewhere in its business.
That contrast, a brand thriving in one of the world’s largest smartphone markets while contracting sharply elsewhere, says as much about the state of the global smartphone industry as it does about Nothing’s specific strategy. India, for now, appears to be one of the few markets rewarding the company’s approach, even as its footprint shrinks almost everywhere else.
What to Watch Next
Industry watchers expect the second half of 2026 to hinge on whether memory prices stabilise and how quickly new flagship launches can win back price-sensitive buyers. Brands that manage to combine competitive pricing with AI-driven features and premium positioning are seen as best placed to capture the next wave of growth, particularly as the festive shopping season approaches later this year. Whether Nothing can sustain its momentum in India while restructuring abroad, and whether Pixel’s offline push pays off beyond the ultra-premium niche, will likely shape how the rest of the year’s market share numbers shake out.
