India’s smartphone boom is set to explode in 2018 with a massive influx of new smartphone users, with more than 4 billion devices set to enter the market this year, industry experts say.
The Indian smartphone market is expected to be worth over $1 trillion this year.
India is set for a record growth in the number of smartphones in the country, with sales forecast to reach $1.7 trillion by 2019.
The world’s third-largest economy is set in 2018 to have an additional 1.3 billion smartphone users with an average monthly user base of around 15.5 million people, according to research firm IDC.
“India is going to see a huge growth in smartphone users in 2018 and 2019.
It will be worth more than $1 billion in 2019.
The market is also set to see some significant gains from 2018 and 2020,” IDC chief research officer, Ashok Narayan, told CNBC-TV18.
More than half of India’s population lives in urban areas and most people use smartphones, with around 70% of India-born people buying smartphones in 2018, according a survey by the research firm BSNL.
Narayan said India’s overall smartphone market share is likely to grow to around 70%, while the country’s smartphone adoption is expected be close to 70%.
India’s smartphone penetration has been declining over the last few years with smartphone penetration dropping from 76% in 2013 to 70% in 2018.
According to a recent report by research firm Strategy Analytics, India’s mobile market share fell to 52% in 2019, the lowest in five years.
The Indian government’s plan to launch 100 million smartphones by 2021 has already led to a massive increase in the usage of smartphones.
Despite the country facing some challenges, India is expected by analysts to overtake China in smartphone shipments by the end of 2021, according TOI.