Indian telecom market sees 36% value growth in offline retail in 2022
The telecom market of India witnessed a 36% value growth in offline retail last year. According to a report by a marketing intelligence firm, GfK, 2023 is expected to be stable with value-driven growth for the domestic telecom market as compared to 2022.
As per a GfK expert, India registered double-digit growth in revenue in 2022 over the previous year including smartphones, core wearables, and TWS mobile headsets.
In Tier 3 and lower towns, where smart device adoption is increasing due to shifting consumer requirements and altering lifestyles, contributed to 50% of smartphone sales in 2022 and wearables contributed 21%.
The report also mentioned that the smartphone category, including phablets, saw a 15% demand increase from January-December 2022, as compared to the previous year. Furthermore, the demand for premium devices also increased, where the revenue contribution of 5G models moved to 44% in 2022. At the same time, devices with a larger storage capacity of more than 256GB grew 122% in revenue.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.