New Delhi: India’s smartphone market revenue crossed $38 billion in 2021, a growth of 27 per cent (on-year) as shipments grew 11 per cent to 169 million units. This was informed in a new report on Monday. According to Counterpoint Research, India’s smartphone market retail ASP (average selling price) grew by 14 per cent (on-year) to $227 (around Rs 17,000).
Research Analyst Shilpi Jain said, “Rising demand for mid-range and premium smartphones due to increase in prices in the budget segment, increased component price, increasing focus of OEMs on the premium segment and increased usage and availability of financing options has driven ASP. contributed to the increase.
Local manufacturing bounced back, contributing 98 percent of shipments in 2021 compared to 90 percent in 2020.
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Jain said, “PLI scheme has been a great booster for the Indian mobile manufacturing ecosystem, attracting top players like Apple and Samsung to increase their ‘Make in India’ footprint and make India their export hub. Hence Handset exports witnessed a growth of 26 per cent annually in 2021.”
This resulted in the revenue of the Indian smartphone market crossing $38 billion in 2021, registering a growth of 27 per cent (on-year).
However, shipments declined by 8 per cent (on-year) in the December quarter due to supply issues in the smartphone manufacturing ecosystem.
“Higher replacement demand, driven by increased capacity for smartphones in the mid and high price tiers due to promotions and discounts as well as better financing options, drove 11 per cent growth in 2021,” said senior research analyst Prachir Singh.
Demand outpaced supply in the last two quarters of 2021. During the fourth quarter of 2021, the smartphone market declined by 8 percent (on-year).
“We expect the supply situation to improve and return to normalcy by the end of the first quarter of 2022,” Singh said.
Apple was one of the fastest growing brands in 2021 with a 108 percent (YoY) increase in shipments.
It maintained its lead in the premium segment (above Rs 30,000) with a share of 44 per cent.
Aggressive offers during the festive season, strong demand for iPhone 12 and iPhone 13 and increase in ‘Make in India’ capabilities drove higher growth.
“We expect strong momentum for Apple as well as growth in manufacturing and retail footprint in 2022,” the report said.
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first published:Jan. 31, 2022, 6:28 p.m.