The Indian smartphone market is expected to grow by 10% and reach 175 million units by 2023, according to a report released on Friday. This is because of the push for 5G and a large number of phones already in use.
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India has more than 600 million people who use smartphones. This number is expected to grow as more people who use feature phones switch to smartphones.
Counterpoint Research says that these users’ need to buy replacements will drive the market past 2023.
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The 5G networks are now up and running in more than one city. Even though 5G smartphones have been in the news, only one-third of the market will be 5G smartphones in 2022.
“5G was high on Indian consumers’ wish lists, and now that 5G networks are ready, many of them will abandon their 4G phones by 2023,” the report said.
Counterpoint Research predicts that smartphone shipments will go down by 5% year over year in 2022. This will be the second time in the last three years that smartphone shipments have gone down.
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When the government buys smartphones, sales will go up. Rajasthan has put out an invitation for bids to buy and give out 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, an analyst of research.
The report says that the Indian market has grown steadily over the last five years, with the exception of Covid-19 2020, which is expected to grow 1.5 times from 2016 to 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 by the first half of 2022, demand from consumers did not improve as expected.
The report said that India’s smartphone market has been strong and has done better than many other regions, even though it dropped in 2022.
