The recent 5G launch and a wide consumer base has propelled India's smartphone market which is expected to grow by 10 per cent in 2023 to hit sales of 175 million handsets. The country with more than 600 million smartphone users will soon be witnessing migration of feature phone users towards smartphones.
Replacement demand triggered by the switch will trigger a market growth in 2023 with 5G networks active in multiple cities across India. Despite 5G smartphones being in the news, they will account for just a third of the market.
Shipments are expected to drop by 5 per cent, while government purchase of smartphones will drive sales. The Indian market been rising at a steady pace since five years, except for a slump in 2020 due to Covid-19. But it failed to meet expectations in 2022 due to component shortages at the beginning of the year.
Even after the slowdown in 2022, India's smartphone market remained resilient to do better than many other regions.
