The Indian technical consumer goods market logged an 8% growth, and the premium phones are selling fast
In the first half (H1) of 2023 compared to the same period the previous year, the value of the Indian technological consumer goods (TCG) market increased by 8%.
According to a report by German market research firm GfK, the telecom (smartphone/mobile phones) segment saw a slight 4% reduction in volume but a significant 12% growth in overall value.
In comparison to the same period in 2022, several sectors had significant growth in volume and value during the first half of 2023. The volume of smartphones increased by 3%, while the value increased by 14% as a result.
The data's exponential growth of premium smartphones (priced above Rs. 30,000 (US$ 3.61 billion) during H1 of 2023 as against the same period last year is one of the study's most striking observations.
Sales of premium smartphones increased by a remarkable 50% in volume and by 54% in value.
According to the report, this shift in customer preferences highlights the need for cutting-edge features, innovative technology, and an enhanced smartphone experience. The increased desire for a more immersive entertainment experience is a noticeable trend among Indian consumers.
Audio home systems saw a 21% increase in volume and a 12% increase in value within the consumer electronics industry, demonstrating a strong market presence. On the other hand, PTV/FLAT televisions showed a growth trend, with a 13% increase in volume and a modest 2% gain in value. With a 7% gain in volume and a 9% increase in value, the desktop computing category in the IT industry continued to grow steadily, showing its solid market positioning.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.