Smartphone industry set for smart growth in New Year; shipments likely to touch 190-200 mln
The Indian smartphone industry is estimated to ship 190-200 million units by 2022, with more 5G gadgets competing for consumers' attention.
According to Counterpoint Research Analyst Shilpi Jain, the Indian smartphone market has been on a steady upward trajectory for the past five years, reaching 158 million units in 2019. Anand Priya Singh, CyberMedia Research (CMR) Analyst - Industry Intelligence Group, smartphone shipments increased by 11% year on year, from 150 million in 2020 to 167-168 million in 2021predicted that smartphone shipments will hover around 187-190 million in 2022, with 5G device shipments increasing by 129% year-on-year from 28 million in 2021 to about 64 million in 2022.
While 5G networks are not yet accessible, industry observers say 5G devices are in high demand, with consumers ranking 5G as one of their top three priorities when shopping for a smartphone. Madhav Sheth, the CEO of Realme India, claimed that 5G technology and gadgets have been a hot topic since 2019, with smartphone makers releasing 5G smartphones in early 2020. "Given that 5G trials are scheduled for 2022, and spectrum auctions are likely to happen in H2 2022, we expect a higher demand for 5G devices in the upcoming year," he added.
The government authorised a Rs 76,000 crore (US$ 10.2 billion) initiative in December to expand semiconductor and display manufacturing in India, in an effort to establish the country as a worldwide hub for hi-tech production and attract large chip companies. The action will help India achieve its goal of being self-sufficient in electronics manufacturing by attracting significant investments and creating 35,000 specialised jobs, in addition to one lakh indirect jobs.
Other areas, such as smart TVs and TWS (earbuds), have seen significant growth as a result of the devices' rising affordability. Smart TVs account for about 85% of the overall TV market, according to the research organisation, and this percentage is expected to grow.
"As per our forecast, the Indian Smart TV market is expected to grow by 30 per cent in 2022. The post-pandemic economic recovery and entry of new players in the market will facilitate this growth," as per Counterpoint Research Analyst Shilpi Jain.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.