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Smartphone Market in India Size Estimated to Expand at a Robust CAGR over 2031

Kenneth Research released a report on Smartphone Market in India that consists detailed analysis and industry insights for the forecast period, i.e.  2022-2031. On the basis of analysis of the market value and calculation of the CAGR during the forecast period, the latest trends and business opportunities in the market are discussed in the report.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smartphone Market in India Products.

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In the statistics by Eurostat, the total value of the ICT sector including manufacturing and services of ICT in Europe, was estimated to be more than EUR 475 billion in the year 2017. Out of these, the ICT services sector accounted for the largest share. Moreover, the ICT services sector is predicted to be ten times larger than that of ICT manufacturing. On the other hand, the ICT services consist of computer programming, consultancy and related activities, along with telecommunication activities, out of which the former held about 49.1% share while the latter held around 30.3% share in the year 2017. These factors are estimated to impact positively towards the growth of the market in the next few years.

A smartphone is a cellular phone that includes an integrated laptop as well as features not previously associated with telephones, such as an operating system, internet browsing, and the capacity to perform software applications. It also allow users to perform complex tasks such as editing documents, using social media, handling emails, and creating spreadsheets.

Market insights:

The market is driven by increased purchasing power, rise in the adoption of internet and data services, and introduction of smartphones with updated features at affordable prices. The launch of 5G smartphones is expected to bring exponential growth to the market in the coming years.
The market is expected to expand at a CAGR of ~14.46% during the 2021 – 2026 period to reach a shipment volume of 304.75 million units in 2026. Android smartphones account for ~95.50% of the total volume of shipment, followed by iOS smartphones at ~2.86%. In 2020, Xiaomi led the business with a 27.25% shipment share, followed by Samsung (21.50%).

Impact of COVID-19:

In the wake of the pandemic, the government imposed lockdown measures that reduced outdoor activities, resulting in a decline in the sale of smartphones at offline stores. The demand for smartphones surged, primarily because of remote learning, as well as virtual social gathering. Several people lost their jobs, while some took pay cuts. As a result, they refrained from purchasing devices with upgraded features.

Government initiatives:

Several initiatives undertaken by the government have influenced the smartphone market. The Production Linked Incentive (PLI) scheme provided all electronics manufacturing companies with registered manufacturing units with a 4% to 6% incentive on incremental sales. The Modified Electronics Manufacturing Clusters scheme offered financial incentives to mobile phone manufacturers to develop world-class infrastructure and common facilities and amenities.

Key growth drivers of the market:

• The pricing pattern followed by the manufacturing companies, along with exclusive online distribution led to the spurt in demand for smartphones
• Consumers’ preference shifted from standard feature phones to smartphones because of increased internet penetration to the internet

Key deterrents to the growth of the market:

• The high usage of smartphones has led to a rise in the number of cybercrimes occurring in the country
• The design and technology used by smartphone manufacturing companies have not met consumer expectations

Competition analysis:

Smartphone users are inclined toward using Android over iOS or other operating systems. The key players include Xiaomi Technology India Private Limited, Samsung India Electronics Pvt. Ltd., and OPPO Mobiles India Pvt. Ltd.

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The Market report answers the following questions:

What is the aim of the report?

  • The market report presents the estimated market size of Smartphone Market in India by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

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About Kenneth Research:

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

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