India’s smartphone market is set to hit a record high of 173 million units in 2021, growing at 14 per cent year-on-year, as per Counterpoint Research.
According to the research firm, more than 100 million smartphones are expected to be shipped in the second half of the year.
The market has been experiencing strong consumer demand after lifting COVID-19 restrictions in June, and the strong sales momentum will continue during the festive season from August to November, it added.
India’s smartphone market is the second biggest market in the world after China. In 2020, the Indian market outperformed the North America, Latin America and Africa markets.
The research firm noted that the market has been experiencing a steady growth curve over the last five years to reach 158 million units in 2019.
Furthermore, it said as the number of COVID-19 cases remains under control and the vaccination programme continues, the economy will bounce back and raise consumer confidence.
JioPhone Next phone is expected to be priced below $75 – a price point that hasn’t seen major activity in the last two years, according to Counterpoint Research.
On the 5G segment, Counterpoint said 5G smartphones accounted for less than 3 per cent of the market in 2020. In 2021, 5G devices will make up 19 per cent of the overall smartphone market and are expected to grow over eight times to 32 million units.
Moreover, according to the report, intense competition between OEMs, cheaper 5G chipsets and falling 5G device prices will result in more 5G devices being pushed on the market. The average price of entry-level 5G phones has fallen by 40 per cent in the last 12 months. The cheapest phone with 5G now costs less than Rs 15,000 (around $ 200).
