Team Blitz India
New Delhi: The Indian smartphone market is expected to grow in 2024 after falling for two years, buoyed mainly by affordable 5G devices and smartphones being given away by parties ahead of upcoming general elections, according to market trackers and industry executives.
IDC India forecast a 5-8% on-year growth in 2024 with shipments expected to hit 148 million units, andCounterpoint Research pegged it at 5% with shipments in the 155-157 million range.
CMR India estimates predict that overall smartphone shipments will grow by 8-9% with 5G shipments anticipated to grow 40% year-on-year, while TechArc expects the growth at 3-4%.
The rebound is expected after the Indian smartphone market fell in volume terms for two years as demand in the entry-level segment got hit due to adverse macroeconomic factors, which led to higher prices, as well as the pandemic.
Smartphone shipments in 2020 declined 1.7%, but bounced back in 2021, growing 7% due to pent-up demand. The market declined 10% in 2022 and is expected to fall or at best be flat in 2023.
