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Smartphone Sales Flat In September Qtr
Mint Mumbai
|November 08, 2023
India’s smartphone market posted almost flat year-on-year growth during the second quarter of 2023-24, with shipments of 44 million units. Besides, shipments in September was the lowest since 2019, with falling demand and high prices restricting growth.
July and August witnessed single-digit growth with early festive stocking failing to boost sales, remaining stagnant during the first half of 2023.
"As demand softens in the latter half of the quarter (post-Diwali) brands may face excess inventory challenges. Hence, the outlook for 2023 is flat or low a single-digit decline. Next year, we will see affordable 5G and foldable phones at the mid to premium end, but inflationary stress and longer refresh cycles may limit annual market growth in 2024," said Navkendar Singh, assistant vice- president, devices research, International Data Corp.
This story is from the November 08, 2023 edition of Mint Mumbai.
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