The premium category is expected to grow by more than 20 per cent in calendar year (CY) 2024 compared to the previous year.
While the overall smartphone market is expected to witness modest single-digit growth in CY 2024, most of this growth is expected to come from premium devices and 5G upgrades.
"While we expect some growth in the 10,000-20,000 and 20,00030,000 segments, the majority of growth will come from the premium category. We expect more than 20 per cent growth in this segment in CY 2024," said Shilpi Jain, senior research analyst at Counterpoint.
After flat growth in CY 2023, India's smartphone shipments picked up in the January-March quarter (Q1) of CY 2024. In Q1 of CY 2024, while the market grew 8 per cent year-on-year (Y-o-Y) in terms of volume, it grew a substantial 18 per cent in terms of value, according to data from Counterpoint, a market research firm.
This story is from the May 23, 2024 edition of Business Standard.
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This story is from the May 23, 2024 edition of Business Standard.
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