Akshata Sharma
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Apple and Samsung Electronics are set to lead India's smartphone revenue to $45.6 billion (Rs 3,75,516 crore) in 2024, a growth of 14 percent from the previous year, driven by the premiumisation trend and widespread adoption of 5G devices, industry executives and market trackers have told Moneycontrol.
Favourable monsoon, rising discretionary spending, and an anticipated increase in rural demand, as smartphone companies expand further into the country, would also contribute to the growth, they said.
Business Markets Stocks Favourable monsoon, rising discretionary spending, and an anticipated increase in rural demand, as smartphone companies expand further into the country, would also contribute to the growth, they said.
"The growth is expected to be higher in 2024 compared to the last few years due to the rising trend of premiumisation, with OEMs strategically launching models in higher price segments to prioritise profitability," said market tracker Counterpoint Research analyst Shubham Singh.
Counterpoint and rival Canalys estimate the revenue to grow 14 percent year-on-year, with Apple, Samsung, Vivo, OnePlus and Oppo emerging as the top 5 players by value market share,
The volume growth in phone shipments is also anticipated in the high single digits.
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