According to India Mobile Handset Market Review Report, the 5G smartphone market will expand by >70% YoY by the end of CY2023. The India smartphone market recorded more than 13X growth in its 5G shipments from the year of its initial introduction in 2020.
According to Menka Kumari, Analyst- Industry Intelligence Group (IIG), “From a mere 4% in CY2020 to a potential >45% market share in CY2023, 5G smartphones have definitely come a long way. In CY2022, close to 100 5G smartphones were launched in the India market. In 2023, we anticipate close to 75% of the new smartphones to be introduced in the India market to be 5G-capable.”
Samsung, OnePlus and Vivo led the India market in 5G smartphone shipments in CY2022. In the 5G Value for Money (INR 10000-25000) price segment, Xiaomi and realme were the major contributors.
In CY2022, there was limited consumer demand due to prevailing macroeconomic conditions and relatively limited access to 5G networks. However, with the rapid introduction of 5G networks across Indian cities, there has been a growing consumer interest and awareness around 5G smartphones. In CY2023, 5G smartphone shipments are expected to register >70% YoY growth.
“As consumers seek to switch and upgrade their phones, inclination towards 5G smartphones is bound to rise. Going forward, we anticipate further momentum for 5G smartphone shipments in the new year driven by strong consumer demand and aggressive 5G network deployment by Indian telcos. In CY2023, we anticipate 5G smartphone shipments to increase significantly in the Value for Money smartphone (INR 10000-25000) segment. All said, the key for mass 5G adoption in India will depend, amongst others, on the introduction of 5G smartphones in the affordable smartphone segment.