As per the latest report revealed by IDC India, Counterpoint Research, CMR India, and TechArc, there will be a chance of a 5-9% growth in the industry with around 150 million shipments expected. This comes after a 2-year lull witnessed by the market.
Indian Smartphone Market Expected to jump in 2024
The report quotes Shilpi Jain, senior analyst, at Counterpoint Research, to claim that the growth will be driven by the fact that the brand will enter 2024 with a liquidated inventory, thanks to a successful festive season. In contrast, the brands are said to enter 2023 with high leftover inventory from the previous festive season.
According to the report, the Indian market growth in 2024 will be driven by the launch of several 5G smartphones in the sub-Rs 10,000 segment in the country.
