India's smartphone market witnessed a significant downturn in the third quarter of 2026, plummeting 20% year-on-year to its lowest point in a decade. This sharp decline is primarily attributed to a substantial surge in memory chip prices, which consequently drove up the manufacturing costs of mobile devices.Market research firm Counterpoint Research, in its latest report released Friday, highlighted that persistent price pressures on purchasing power and new phone demand could lead to a further contraction of India's smartphone market by approximately 13% in 2026. This trend was evident in July-September 2026, with a 20% year-on-year drop in smartphone shipments.The rising…