OnePlus limits price hikes as India’s smartphone market faces cost pressure

Smartphone prices in India have increased sharply in 2026 as rising memory costs and a weaker rupee put pressure on manufacturers. Counterpoint Research said prices rose 16% on average during the first half of the year, while OnePlus kept its average increase to 8%.

The research firm said the Indian smartphone market is expected to decline by double digits, although OnePlus is projected to record growth. Its shipments are forecast to increase 5% year-on-year in the second quarter of 2026, making it the fastest-growing brand among the top five brands in online channels in the above-₹20,000 segment.

The broader market has been affected by higher costs for DRAM and NAND memory, and demand from AI data centres has absorbed a significant portion of global memory supply, while the weaker rupee has increased the cost of imported components for manufacturers.

Key Highlights

• Smartphone prices in India rose 16% on average in the first half of 2026, according to Counterpoint Research.

• While sub-₹10,000 phones saw hikes of around 32% oneplus capped its average price increase at 8%.

• Memory costs and a weaker rupee have put pressure on manufacturers, and Samsung and Apple have also increased prices.

Budget smartphones face the sharpest price increases

The biggest impact has been on India’s budget smartphone categories, with phones priced below ₹10,000 seeing average price rises of about 32%, as memory makes up a larger share of the manufacturing cost for cheaper devices.

Shipments in the sub-₹10,000 category declined 65% year-on-year in the first half of 2026. The ₹10,000-₹15,000 segment, which has traditionally been one of India’s largest smartphone categories, declined 20%.

By comparison, smartphones priced above ₹20,000 continued to grow. Higher launch prices were partly offset by trade-in offers and no-cost EMI schemes, allowing consumers to access more expensive models despite higher headline prices.

OnePlus takes a different approach to rising component costs

Counterpoint Research said most smartphone brands passed a large portion of increased component costs on to consumers, while OnePlus followed a more limited pricing strategy.

The brand's average increase stood at 8%, while its largest single price increase was 12%. Counterpoint noted that the corresponding maximum increase among other brands was substantially higher.

OnePlus had also stocked components earlier in the year, allowing it to secure memory at lower prices before costs increased significantly. Research Director Tarun Pathak said the company's component planning and broad portfolio helped distribute cost pressures across different price categories.

Around 99% of mobile phones sold in India are manufactured locally, although manufacturers remain exposed to global component prices and currency movements.

Samsung and Apple also raise smartphone prices in India

Samsung has increased prices of its flagship Galaxy S26 series in India by up to 17%, according to industry sources. The 256GB Galaxy S26 now costs ₹1,02,999, compared with its launch price of ₹87,999.

The Galaxy S26 series had already launched in January at prices 8% to 15% higher than the preceding Galaxy S25 range. Apple has also introduced its iPhone 18 lineup at prices reportedly 20% to 43% higher than the corresponding iPhone 17 series.

Counterpoint expects memory prices to remain elevated until at least 2028, while currency-related import pressures could continue. The combination could therefore keep smartphone pricing under pressure across India's market, particularly in entry-level categories.