According to a report by Counterpoint Research, India is likely to witness record sales of smartphones at around $7.7 billion this year. One of out every three smartphones sold during the season will be 5G-enabled.
As per the report, e-commerce channels are expected to capture 61 per cent of the overall sales, down from 66 per cent in 2021. The smartphone retail average selling price (ASP) during the festive season will grow 12 per cent to reach its highest ever at $242, although the unit sales may decline by 9 per cent year-on-year (YoY). The report noted that the country’s smartphone market is entering the festive season with the highest-ever channel inventory of over 10 weeks.
According to Tarun Pathak, research director, Counterpoint Research, the increasing affordability of these devices due to promotions and offers will drive their sales. This will be further supported by the 4G-to-5G migration. The entry-tier and budget segments have witnessed a considerable decline in recent quarters. However, these segments are expected to grow during the festive season, though the growth may be limited as the consumers in these segments have been under pressure due to macroeconomic headwinds.