India has surpassed the U.S. to become the second largest global smartphone market reaching 158 million shipments in 2019 with 7% YoY growth, reports Counterpoint Research.
This is due to the growth of the mid-tier segment where Chinese brands aggressively introduced many flagship-grade features and capabilities to capture demand coming from users looking to upgrade from their first or second smartphone. Additionally, the online channels became the preferred selling platforms to introduce these products faster into the market.
Tarun Pathak, Associate Director, said, “Although the rate of growth for the smartphone market was only single digit for the first time on an annual basis, India is underpenetrated relative to many other markets; 4G penetration among subscribers being around 55%. Going forward, we expect this demand to grow further due to the ongoing transition from feature phones to smartphones and progressive diffusion of key smartphone features to the entry-level price tier as a result of hyper-competition among multiple players. We further expect brands to have multi-tier strategies involving partnerships in the mobile ecosystem from hardware, software and services, thus creating opportunities within different segments like entertainment, gaming, financial services and more.“
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