Smartphone prices in India rose by an average 16% in the first half of 2026, as manufacturers passed on a sharp increase in memory and other component costs to consumers. However, OnePlus was among the few brands to buck the broader price-increase trend, keeping its price increase to 8%.
According to Counterpoint Research, India’s average smartphone selling price rose to a record $318 in Q2 2026. The price-sensitive low-end segment bore the brunt of the increase. Phones priced below Rs 10,000 saw the sharpest price hikes of around 32%, given the larger share of memory costs in these devices. Shipments of phones priced below Rs 10,000 fell 65% year-on-year in the first half of 2026. The Rs 10,000–15,000 segment, meanwhile, saw a 20% decline. However, growth has been sustained in phones priced above Rs 20,000, led by higher launch prices, trade-in offers and no-cost EMIs.
OnePlus, meanwhile, has maintained a relatively competitive pricing strategy even as several other manufacturers raised prices across their portfolios.
“Its biggest single price increase was 12%, compared with 113% for the rest of the industry, so the gap held not just on average but at the extremes as well. The lower hikes also did not hurt growth,” Counterpoint said.
Tarun Pathak, research director at Counterpoint, said the notable point was not just that OnePlus raised prices by less than the market, but that it continued to grow while doing so. In a cost shock like this, brands typically have to choose between holding prices and sacrificing margins, or protecting margins and sacrificing volumes. OnePlus’ H1 numbers suggest it largely avoided that choice.
Pathak attributed this to two factors. First, OnePlus secured components early. It stocked up on memory earlier in the year, locking in older, lower prices before costs rose sharply. Second, its portfolio is broad enough to spread the pressure. The company has nine active models priced between roughly Rs 16,999 and Rs 93,999, with few gaps between them. This allows it to distribute higher costs across the range instead of concentrating them in its most price-sensitive models.
Counterpoint data shows OnePlus was the top brand on online channels in the Rs 30,000–45,000 band. In Q2 2026, it was also the fastest-growing brand among the top five online brands in the above- Rs 20,000 segments. Its shipments rose 49% quarter-on-quarter in Q2, when cost pressures were at their peak, and it gained share year-on-year even as overall market shipments fell.
Additionally, OnePlus shipments are expected to grow 5% year-on-year in the quarter, while the overall market is likely to shrink by double digits.