Despite economic slowdown, smartphone industry upbeat about festive season
Smartphone manufacturers are gearing up for the festive season with about 75 new models to be launched
Despite a slowdown in the Indian economy, smartphone manufacturers are gearing up for the festive season with about 75 new models to be launched. Leading smartphone manufacturers Apple, Samsung, vivo, OnePlus, Xiaomi, Oppo, Realme are all set to woo consumers with new products.
According to the International Data Corporation, the last two months have witnessed a boom in the Indian smartphone market. It is reportedly growing at a rate of 8 to 10 percent every year. Over 42.6 million units have been shipped to India during this period, states IDC.
According to Nipun Marya, Director-Brand Strategy, vivo India, “India is the world’s second-largest mobile phone market after China, and not far from becoming the leading mobile phone manufacturer in the world. vivo is heavily investing in the market.”
Marya further explains that despite the present market scenario, they're all set to implement their smart investment plans in the country.
Additionally, with the festival season around the corner, consumers will look forward to best buys and deals on their preferred products on both online and offline mediums. “We are ready for this opportunity with irresistible offers for our consumers and are positive about the market economy situation,” says Marya.
Tinu Cherian, marketing and PR expert, also believe that the economic slump in the country will have little effect on the smartphone industry.
"The overall Indian economy may not be doing well, but the market for smartphones in India is too big and remains to be exploited wider,” says Cherian.
Sharing his thoughts on how the launch of new smartphones will give a momentum to the already growing sector, Cherian says, “Indians are very passionate about their smartphones. They have a tendency to buy the latest phone in the industry. So the launch of new smartphones will help this already growing sector to grow even more.”
A huge number of Indians upgrade from basic phones and feature phones to smartphones on a daily basis. Hence the growth of the smartphone industry is rapid in India, he adds.
We cannot ignore the fact that users are buying smartphones on online as well as offline channels. In big cities, while smartphones are being sold through online channels, in Tier-2 and Tier-3 cities, they are being sold through exclusive stores and offline channels.
However, Sanchit Vir Gogia, Chief Analyst, Founder & CEO of Greyhound Research, says the industry needs to be cautious. "The overall growth of the smartphone industry will be a little sober this festive season. If not managed properly, it can also witness a downshift in the next two quarters," he adds. “Companies are also realizing that the present market scenario will have an impact on the growth of the smartphone industry. At the same time because of the festive season, brands will try every possible way to manage the situation. Irrespective of the number of smartphones lined up for launch, the smartphone companies are having conversations with banks and finding other possible formats of discount that they can launch alongside.”
Gogia believes that premium smartphones will be the first to get impacted, they'll also be the ones coming with the most aggressive offers such 0% EMIs, cashback, heavy discounts etc. He emphasises that if brands come with such aggressive offers then there will be remarkable growth in the smartphone industry this year too. Or if not a huge growth, then at least these offers will help brands to stabilize their growth rate.
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