According to reports, the Indian smartphone market is expected to grow by 10% in the coming year (2023) and reach 175 million units.
Buoyed by the 5G push and a high installed base, the Indian smartphone market is expected to grow 10 percent to 175 million units in 2023, a report on Friday showed.
India currently has more than 600 million smartphone users, a number expected to grow over time as more feature phone users migrate to smartphones.
According to Counterpoint Research, replacement demand from these users will drive the market in 2023 and beyond.
The 5G networks are now live in several cities. Although 5G smartphones are making headlines in the market, they will only make up a third of the market in 2022.
“5G has been at the top of Indian consumers’ wish lists and with 5G networks now available, many consumers will replace their 4G smartphones in 2023,” the report said.
According to Counterpoint Research, smartphone shipments in 2022 are expected to decline 5 percent year-on-year, falling for the second time in the past three years.
Government purchases of smartphones will boost sales. Rajasthan has rolled out a tender for the acquisition and distribution of smartphones among women in 2023.
“We also expect the inflationary macro environment to improve next year. Therefore, consumers who put off buying a new phone in 2022 will be able to buy a new one in 2023,” said Research Analyst Ankit Malhotra.
According to the report, the Indian market has been growing steadily over the past five years, barring Covid-19 2020, to grow 1.5 times from 2016 to 2021.
The market has not lived up to expectations in 2022. The year started with a shortage of components.
But even as the supply side eased into H1 2022, consumer demand did not improve as expected.
Despite the 2022 slump, India’s smartphone
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