The Indian smartphone market is expected to grow 10% to reach 175 million units by 2023, according to a report published on Friday. This is due to the 5G push and a large number of phones already in use.
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India has more than 600 million people using smartphones. This number is expected to rise as more people using feature phones switch to smartphones.
Counterpoint Research says the need for these users to buy replacements will drive the market beyond 2023.
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5G networks are already working in more than one city. Although 5G smartphones have been in the news, only a third of the market will be 5G smartphones in 2022.
“5G was high on the wish lists of Indian consumers, and now that 5G networks are ready, many of them will ditch their 4G phones by 2023,” the report says.
Counterpoint Research predicts that smartphone shipments will decline 5% year-over-year in 2022. This will be the second time in the past three years that smartphone shipments have declined.
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When the government buys smartphones, sales will increase. Rajasthan has launched a tender invitation to purchase and deliver smartphones to women in 2023.
“We also think that inflation, in general, will be better next year. So people who chose not to buy a new phone in 2022 will be able to do so in 2023,” said Ankit Malhotra, a research analyst.
The report says that the Indian market has grown steadily over the past five years with the exception of Covid-19 2020, which is expected to grow 1.5 times between 2016 and 2021.
In 2022, the market did not meet expectations. At the beginning of the year, there were not enough parts.
But even though the supply side of the problem was fixed in the first half of 2022, consumer demand did not improve as expected.
The report says that the Indian smartphone market has been strong and has done better than many other regions, even though it fell in 2022.
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