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The industry generates approximately $40 billion in yearly revenue, with an average of $10 billion per quarter
Smartphone sales in India exceeded $10 billion in the April-June period of this year, marking the highest figure recorded for the slow April-June period, The Economic Times reported, citing market trackers.
This surge was attributed to robust demand for premium devices, despite declining overall shipments. During this quarter, Vivo surpassed Apple to become the second-largest smartphone brand by revenue.
Typically, the Indian market generates $8-$9 billion in revenue during the second quarter, as noted by tech market research firm Counterpoint Research. However, this year saw a significant increase to around $10 billion. This boost occurred despite a 2 per cent drop in shipments from the previous year, caused by extreme summer temperatures that deterred many shoppers and effects of weak demand from the previous quarter.
The industry generates approximately $40 billion in yearly revenue, with an average of $10 billion per quarter. Analysts predict that the introduction of 5G chipsets for mobile phones priced under $99 will drive growth in both value and volume. These chipsets are expected to be available by the end of this year, the report said.
According to market research firm TechArc, 5G smartphones priced below $99 are projected to contribute an additional $13 billion in revenue to the smartphone sector from 2024 to 2030.
The report quoted Faisal Kawoosa, chief analyst at TechArc, as saying, “This would be earned by potentially adding 156 million feature phone users to 5G during this period. Beginning 2025, we expect to see 2-3 per cent of smartphone revenues in India coming from 5G smartphones sold in the sub-$99 segment.”
Driven by strong demand for its mid-range and premium phones, Chinese smartphone manufacturer Vivo has risen to become the second-largest smartphone brand in the last quarter, despite a slowdown in iPhone sales for Apple, the report said.
According to a report from Counterpoint Research, Samsung topped India’s smartphone market in terms of value with a 24.5 per cent share, while Vivo and Apple followed with shares of 16.8 per cent and 16.3 per cent, respectively. Apple’s iPhone revenue and shipments both experienced a 20 per cent decline sequentially in the second quarter, stated Counterpoint Research, as quoted by the report.
First Published: Aug 02 2024 | 12:08 PM IST
