Smartphone market to grow 10% to reach 175 million units in 2023, claims report

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Smartphone market to grow 10% to reach 175 million units in 2023, claims report

Buoyed by 5G push and a high installed base, the India smartphone market is projected to grow 10 percent in 2023 to reach 175 million units, a report showed.

India currently has more than 600 million smartphone users, a number that is expected to grow over time as more feature phone users migrate to smartphones.

The replacement demand from these users will drive the market in 2023 and beyond, according to Counterpoint Research.

5G networks are now live in multiple cities. Even though 5G smartphones have been making news in the market, they will account for just one-third of the market in 2022.

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“5G has been high on Indian consumers’ wish lists, and with 5G networks now being available, many consumers will replace their 4G smartphones in 2023,” the report mentioned.

According to Counterpoint Research, smartphone shipments are expected to fall 5 percent YoY in 2022, dipping for the second time in the last three years.

The government’s purchase of smartphones will push sales. Rajasthan has rolled out a tender for the acquisition and distribution of smartphones among women in 2023.

“We also expect the inflationary macroeconomic environment to get better next year. Therefore, consumers who postponed buying a new phone in 2022 will be able to buy one in 2023,” said Ankit Malhotra, a research analyst.

According to the report, the Indian market has seen a steady rise in the last five years, barring COVID-19 2020, which is expected to grow 1.5 times from 2016 to 2021.

The market failed to meet expectations in 2022. It started the year with component shortages.

But even as the situation resolved on the supply side by the first half of 2022, consumer demand did not improve as expected.

Despite the dip in 2022, India’s smartphone market has been resilient and performed better than many other regions, according to the report.

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