India Smartphone Market Reaching a New Pinnacle: Forecast to Grow at a CAGR of 14.2% by 2027
Published | 06 October 2021
The India smartphone market is garnering a high CAGR due to the launch of trendy and low-cost smartphones. With India's expanding 5G infrastructure, the demand for 5G-enabled smartphones is also on the rise, driving the India smartphone market.
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the India smartphone market was worth 154.0 million units in the year 2020. According to the data yielded by the study, the market is estimated to grow at a CAGR of 14.2%, to reach 388.0 million units by the end of 2027. With constant launches of innovative and attractive smartphones in India, the smartphone market is booming rapidly. To grab a larger share of the market, smartphone brands are offering their products at competitive prices. Smartphone brands like Samsung, Xiaomi, Realme, etc., have high penetration in the Indian market. However, certain brands such as Apple Inc. rely on brand loyalty to increase their market share. Furthermore, the Indian government is also taking various initiatives to attract FDA and establish manufacturing plants for smartphones to promote Make In India campaigns. However, the negative side effects of smartphones and the shortage of chips that resulted from the COVID-19 pandemic may be a major restraining factor for the India smartphone market.
Launch of 5G Technologies Is Expected to Drive the India Smartphone Market in the Forecast Period
The availability of 5G in India is expected to trigger a boom in smartphone demand in the next few years. Even though the 5G spectrum is not yet commercially available in India, it has gained quite a buzz among the general public. It is expected that 5G will revolutionize various industries, including education, healthcare, agriculture, etc. The market is also likely to flourish during the forecast period as IoT technologies gain traction and smartphones are used for remote management.
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Product Launches and Promotions is Anticipated to Boost the India Smartphone Market
Except for Apple, Inc., other smartphone brands such as Samsung, Xiaomi, or Realme, etc., do not enjoy much consumer loyalty. Thus, even if consumers experience a slight inconvenience, they switch to another brand quickly. Therefore, the brands have to consistently launch new products to stay on top of this changing Indian market. For instance, Oppo launched a new smartphone in India in September 2021 with a 4G option, high-resolution camera, and various colors. Also, in September 2021, Itel launched the A26 as its budget-friendly offering in India. It is powered by an unnamed quad-core processor that runs at 1.4GHz. It has 2GB of RAM and 32GB of internal storage. The smartphone market in India is predicted to grow because of product launches like these.
India Smartphone Market - By Distribution Channel
Based on distribution channels, the India smartphone market is segmented into retail stores, specialty stores, online distributors, and others. The online distributor segment emerged as the major shareholder in 2020 and is expected to witness the highest growth rate in the forecast period as well. The high penetration of popular e-commerce platforms such as Amazon.com and Flipkart in India contributes to this segment growth. These platforms provide conveniences such as discounted smartphones and free delivery services, fueling India's smartphone market growth.
India Smartphone Market - Regional Insights
Geographically, the India smartphone market is segmented into North India, South India, East India, and West India. Among these regions, North India dominates the market, with cities such as Delhi, Gurgaon, Chandigarh, and Lucknow experiencing rapid growth in smartphone demand. The emerging online platforms have played a crucial factor in propelling the growth of the smartphone market in this region. Furthermore, West India and South India also cover a substantial share in the market, with cities like Mumbai, Bengaluru, Chennai, Jaipur, etc., witnessing steady growth in the smartphone market.
Impact of COVID-19 on India Smartphone Market
COVID-19 provided a lucrative window of opportunity to the Indian smartphone market after its sudden outbreak in 2020. As a result of remote working and online schooling, smartphone demand suddenly soared across the country. However, impediments in smartphone manufacturing and distribution networks resulted in a massive demand and supply gap. Also, the lack of chips affected the market and caused the prices to rise. Although the India smartphone market is likely to recover in the post-COVID-19 period, it may take some time to recover from the chip shortage crisis and get back on track to meet consumer demands.
The leading players in the India smartphone market are Realme, OnePlus, Xiaomi, Samsung Group, Vivo, Google, Oppo, Apple, Inc., Huawei, Nokia, and other prominent players.
There is a high level of fragmentation in the market due to the presence of many industry players. Nonetheless, players, such as Oppo, Vivo, Xiaomi, etc., dominate the market because of their affordable products. There are, however, some players like Google and Apple who only target high-end markets with their high-priced high-tech smartphones. Companies frequently launch new products to capture the largest market share. In addition, they invest heavily in advertising and marketing to expand their customer base. Furthermore, the adoption of competitive strategies such as partnerships, mergers, collaborations, etc., are also common in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India smartphone market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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