The smartphone market in India has seen a decline in shipments for the first time in 2022, with a 9% year-over-year drop. Despite this overall decline, the premium segment of the market has seen a significant increase in its share for the first time, reaching double digits.
One of the main reasons for the decline in overall shipments is the ongoing economic slowdown in India. The country has been facing a number of economic challenges in recent years, including high unemployment rates and a decrease in consumer spending. As a result, many consumers have been opting for cheaper, budget-friendly smartphones rather than more expensive, high-end models.
However, the premium segment of the market has been able to buck this trend. The increasing affordability of premium smartphones and the growing awareness of the features and benefits they offer has led to an increase in their popularity among Indian consumers. Additionally, many consumers are willing to invest in a high-end device with the latest features, as they see it as a long-term investment.
The increased share of the premium segment in the Indian smartphone market has also been driven by the success of Chinese manufacturers in the country. Brands such as OnePlus and Vivo have been able to establish themselves as strong players in the premium segment, offering high-end devices at competitive prices.
Overall, the Indian smartphone market is facing some challenges, but the premium segment is showing strong growth. As the economy continues to recover and consumers become more confident in their purchasing power, it is likely that we will see a rebound in overall smartphone shipments in the coming years.
