Overview:
India’s smartphone shipments remained flat at 151.8 million units in 2023. The market's performance in Q4 was better than our expectations and the market ended up shipping 39 million units registering 24% YoY growth. Growth in premium segment, 5G upgrades and better than expected festive season aided this growth. As per our latest forecast, the last quarter (October-December) exited the market with healthy inventory levels compared to last year, setting the right tone for growth for next year. We believe the market will grow by 6% YoY next year driven by premiumization, diffusion of 5G in lower price bands and better macroeconomic conditions.
We believe India smartphone market will be on growth trajectory this year and will experience 6% YoY growth. Consumer sentiments are improving and we expect Government to infuse money in economy due to elections this year. Also 2021 was record breaking year for India smartphone market which led to significant growth in install base as well which we believe will be due for upgrade this year.
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