The Indian market is expected to rise by single digits in 2024, according to the most recent report, which cites data from credible market watchers including IDC India, TechArc, Counterpoint Research, and CMR India. Every tracker points to industry growth of 5-9%, with 150 million shipments anticipated. This is the result of a two-year market slowdown.
India’s Smartphone Market Anticipated to Grow in 2024 details
The Indian smartphone market is expanding for two main reasons, in addition to others. The government and political parties will freely distribute smartphones and 5G gadgets in advance of the general elections in 2024.
The government of Rajasthan recently distributed 2.5 million potential female voters with 5G smartphones. The practice of giving away phones is apparently here to stay, according to IDC India. The increase in 5G smartphone debuts in the nation for entry-level models is the second cause.
A number of 5G smartphones priced around Rs 10,000 will be introduced in India in 2024, the survey claims, and this will propel the country’s market expansion. More companies should likely follow suit now that POCO and Lava are the only companies offering 5G devices in this market. A two-year investment of Rs 500 crore by Lava has been made in research and development as well as marketing. Launching more 5G phones in the market for low-cost smartphones is the aim, with a focus on a 100% YoY increase.