New Delhi: Luxury smartphone sales in the country have surged in recent quarters with rising disposable incomes amid a trend of premiumisation, industry experts said on Tuesday.
According to Counterpoint Research, smartphone shipments in the Rs 1 lakh and above segment grew 20 per cent yearonyear in the first quarter of the current calendar year and 10 per cent in the second quarter. The market share of the Rs 1 lakh and above segment stood at a little over one per cent in the first half of this year.
“This share is expected to grow marginally in the second half with the arrival of Samsung Galaxy foldables and the new Apple iPhone series,” Tarun Pathak, Director at Counterpoint Research, told .
He further said that in 2021, the sale of luxury or superpremium smartphones in the country grew by 14 percent. It grew by 96 percent in the next year 2022 and 53 percent in 2023. In the year 2023, Samsung captured 52 percent share in the superpremium smartphone market, while Apple's share was 46 percent.
According to Prabhu Ram, Vice PresidentIndustry Research Group, Cyber Media Research (CMR), the wave of premiumisation is steadily growing stronger in the Indian smartphone market. “Consumers are now preferring smartphone devices that not only offer better specs and features, but also act as a lifestyle statement,” he told .
According to him, uberpremium smartphones priced at Rs 1 lakh and above have seen a remarkable growth of 80 per cent yearonyear in the country in the first half. In the AprilJune quarter, Samsung dominated the market with a 25 per cent share by value, followed by Vivo and Apple. However, Apple is expected to recover in the next quarter due to the recent price cuts across the entire iPhone range.
In the second quarter of this year, the market share of 5G smartphones in India stood at a record 77 percent, mainly due to their declining average selling price (ASP).
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– / Written By Top News Bulletin
Image Credit: KhasKhabar.