2024-09-05 07:55:19
On one hand, there is a lot of hue and cry about inflation in the country. The youth are looking for jobs and employment. On the other hand, there is a class in India which is not hesitant to buy phones worth lakhs of rupees. Overall, it means that expensive, luxury phones are being bought a lot in India. There has been a strong increase in this in the last few years. It was generally believed that India is a big market for budget smartphones. But the figures are telling a different story.
Increased demand for expensive phones
If the report is to be believed, there has been an increase in the sale of luxury smartphones in India in the last few quarters. Citing the Counterpoint Research Report, it has been claimed that the shipment of smartphones priced at Rs 1 lakh and above in India has increased as compared to last year. If we talk about last year, there has been a 20 percent increase in smartphone shipments in the quarter of 2024, which has increased by 10 percent year-on-year in the year 2024. In the first half of this year, the market share of smartphones priced at Rs 1 lakh and above has been more than 1 percent.
Increased demand for luxury phones
According to Tarun Pathak, Senior Researcher at Counterpoint Research, after the launch of the iPhone 16 series and the Galaxy Foldable series, there can be a strong increase in the shipment of expensive smartphones in the second quarter of the year. In the year 2021, luxury or super premium smartphones in the country have seen a 14 percent increase year on year. In 2022, the increase has increased to 96 percent and in 2023 it has increased to 53 percent.
Samsung is the leading brand
Samsung has been the leading smartphone brand in the super premium smartphone market with a 52 percent share in the year 2023. Apple is followed by Apple with 46 percent. According to Prabhu Ram of CyberMedia Research (CMR), India’s share in the smartphone market is continuously increasing. Indians are buying smartphones that offer better specifications and features.