India’s smartphone market will grow by 10 percent to reach 175 million units in 2023

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Buoyed by the boost of 5G and a higher installed base, the India smartphone market is projected to grow by 10 per cent to reach 175 million units in 2023, a report released on Friday said. India currently has over 600 million smartphone users, a number that is 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 through 2023 and beyond. 5G networks are now live in many cities. Even though 5G smartphones are making headlines in the market, by 2022 they will account for only one-third of the market share.

“5G has been high on the wish list of Indian consumers and with 5G networks now available, many consumers will switch to 4G smartphones in 2023,” the report said. According to Counterpoint Research, smartphone shipments are expected to decline by 5 percent in 2022 for the second time in the last three years.

Government procurement of smartphones will increase sales. Rajasthan has floated a tender for the acquisition and distribution of smartphones among women in 2023. Hence, consumers who postponed buying a new phone in 2022 will be able to buy a new phone in 2023,” said research analyst Ankit Malhotra.

As per the report, the Indian market has witnessed a steady growth in the last five years except for Covid-19 2020 to grow 1.5 times from 2016 to 2021. The market failed to meet the expectations in 2022. It started the year with a component shortage.

But despite the resolution of the situation on the supply side by the first half of 2022, consumer demand has not recovered as expected. The report states that despite the decline in 2022, India’s smartphone market has remained resilient and has performed better than many other regions.

-IANS

The post India post smartphone market to grow 10 percent to reach 175 million units in 2023 appeared first on BGR India.



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