India's Smartphone Boom: A Premium Revolution

India's smartphone market is set to surpass USD 50 billion this year, driven by high demand for premium devices from brands like Apple and Samsung. Local manufacturing, price adjustments, and an increased focus on offline retail experiences are propelling this growth, with the market expected to reach record values by 2025.

The Indian smartphone market is witnessing an unprecedented surge, with projections indicating it will exceed USD 50 billion in 2023. This growth is largely driven by consumer demand for premium and ultra-premium devices, spearheaded by tech giants Apple and Samsung, according to a report from Counterpoint Technology Market Research.

In 2021, the market was valued at USD 37.9 billion. However, the continuous innovation and competitive pricing from major brands have shifted consumer preferences towards higher-end models. This transition is a crucial factor in the market's progression, particularly as brands like Apple benefit from local manufacturing and Samsung from a strategic focus on value.

The trend towards premiumisation is also gaining momentum with Chinese brands such as Vivo, Oppo, and OnePlus capturing attention through advanced features in the affordable premium category. OnePlus, notably, is revitalizing its presence by resolving previous issues and planning significant investments in the Indian market. By 2025, the premium segment is expected to hold over 20% market share.

(With inputs from agencies.)