India’s smartphone boom is here to stay

The Indian smartphone market is expected to be on the growth path next year and comes as a ray of hope after having suffered slumps for two successive years. One of the driving forces for this turnaround is the manner affordable 5G devices and smartphones are being given away by political parties ahead of the upcoming general elections, according to market trackers and industry executives.

IDC India forecast a 5-8% on-year growth in 2024 with shipments expected to hit 148 million units, and Counterpoint Research pegged it at 5% with shipments in the 155-157 million range.

CMR India estimates predict that overall smartphone shipments will grow by 8-9% with 5G shipments anticipated to grow 40% year-on-year, while TechArc expects the growth at 3-4%.

The Indian smartphone market fell in volume terms as demand in the entry-level segment was hit due to adverse macroeconomic factors, which led to higher prices, and the pandemic.

Smartphone shipments in 2020 declined 1.7%, but bounced back in 2021, growing at 7% due to pent-up demand. The market declined 10% in 2022 and is expected to fall or at best be flat in 2023. With the rapid advancements in technology, and the increasing accessibility and affordability of smartphones, it comes as no surprise that their adoption rate is soaring in the country. Whether it is for communication, entertainment, or accessing information, mobile phones have become an integral part of people’s lives.

According to recent statistics, India is now the second-largest smartphone market in the world, with hundreds of millions of users. This growth can be attributed to various factors, including the availability of low-cost smartphones, affordable data plans, and the increasing popularity of online services. The rapid expansion of smartphone usage has been a game-changer in several industries, such as e-commerce, entertainment, and digital banking. Consumers can now shop, stream their favorite shows and movies, and even conduct financial transactions with just a few taps on their smartphone screens.

Additionally, smartphones have played a significant role in bridging the digital divide in India. Many people in rural areas, who previously had limited access to the internet, can now connect with the digital world through their smartphones. This has opened up new opportunities for education, healthcare, and entrepreneurship in these underserved regions.

Furthermore, the rise of smartphone usage has also had a profound effect on social media and communication patterns in India. Apps like WhatsApp, Facebook, and Instagram have become the primary modes for staying connected with friends, family, and colleagues. Instant messaging, voice calls, and video chats have become the norm, allowing real-time communication irrespective of geographical distances.

Overall, smartphone use has revolutionized the way people communicate, access information and conduct their daily lives. With the ever-increasing smartphone penetration and advancements in technology, the impact of smartphones on India’s socio-economic landscape is only expected to grow in the coming years.

Ericsson’s projection for one billion smartphones in India by 2024 is a clear indication of the transformative power of mobile technology in the country. This growth presents immense opportunities for individuals, businesses, and the overall economy. As smartphones continue to evolve and become more integrated into our daily lives, we can expect a future where they play an even more significant role in shaping the way we connect, communicate, and interact with the world around us.

The proliferation of smartphones in India is set to have an enormous impact on various aspects of daily life, society, and the economy. With Ericsson’s projection of a billion smartphones in India by 2024, the implications are far-reaching and transformative.

India’s smartphone market is set to boom in the coming years, with Ericsson predicting that there will be a staggering one billion smartphones in the country by 2024. This growth can be attributed to several factors, including increasing affordability, improved internet connectivity, and the rising demand for digital services.

The emergence of budget-friendly smartphone models and the expansion of 4G and upcoming 5G networks have made these devices more accessible to the masses. As a result, more Indians are able to connect with the digital world, access information, and engage in online activities like never before.

This influx of smartphones also presents a tremendous opportunity for businesses. With the majority of Indians owning a mobile phone, companies have a wider pool of potential customers to reach through mobile marketing strategies and online platforms.

The exponential growth of smartphones in India is triggering a digital revolution that is transforming the way people work, and interact. As smartphone technology continues to evolve, we can expect further advancements, greater connectivity, and a more connected India.