iQOO, the sub-brand of India’s leading smartphone maker Vivo, is sharpening its strategy to expand both value and volume market share in 2025, leveraging new product launches and a targeted push toward Gen Z consumers and gaming enthusiasts.
“2024 was a steady year. The overall smartphone market grew in the low single digits, as it has been for the last few years, but ASPs are increasing. We also grew at 50%, making us one of the fastest-growing brands. However, our primary focus isn’t just on percentage growth—it’s on long-term brand building,” said Nipun Marya, CEO of iQOO, in an interview with Moneycontrol.
According to IDC, iQOO captured a 3.3% market share in 2024, marking a 50.9% growth from its 2.3% share in 2023, which also highlighted that iQOO, along with several other long-tail brands, collectively gained ground in 2024.
Marya attributed the brand’s growth to high customer ratings, strong word-of-mouth, and an engaged community.
While the average selling price (ASP) has remained steady, iQOO’s Z series has driven strong sales in the sub-Rs 20,000 category, a segment that makes up 60-65% of the industry. The mid-range Neo series (Rs 30,000–Rs 35,000) has also been a bestseller, while the flagship iQOO 13 is holding its ground against competitors.
The brand sees gaming and esports as key to its future growth, appealing to power users who prioritize top-tier specifications.
“...around 450-480 million people in India engage in some form of gaming—some casually, others seriously. While hardcore gamers make up 5-10% of this base, the majority are casual gamers. It’s a GenZ phenomenon. That said, our focus isn’t just on gaming; it’s on high performance,” Marya said.
Beyond online dominance, iQOO has expanded into offline retail and is assessing quick commerce opportunities.
“Yes, we are available primarily through Amazon in the online and offline retail channels. Our consumer base isn’t defined by geography but by tech-savviness,” he noted.
Despite strong momentum, Marya stressed that iQOO is playing the long game when it comes to brand-building in India.
“...building a strong foundation is key. We did the same with Vivo, where the goal was to ensure that we did the right things and that market share and numbers followed. For iQOO, the focus has always been on doing the right things—market share and numbers are simply byproducts of those efforts,” said Marya, who previously served as Vivo India’s Director of Brand Strategy for five years.
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