The Indian smartphone industry is one of the most promising markets for growth across the globe. The industry exhibited about 10 percent annual growth in a landscape where major smartphone markets showed a decline in smartphone sales on an annual basis. After achieving the 10 percent annual growth in 2018, the global smartphone market is expecting India to maintain a similar annual growth rate for this year. The report also shared its findings pointing out that an increasing number of customers have started giving consideration to improved camera quality in the new device that they are planning to buy.
CMR India Mobile Pricing Index 2018 , the report that posted these findings also noted that potential smartphone buyers have gradually started paying heed to the amount of RAM, the capacity of the battery and the internal storage present in their future smartphone. It also stated that despite the global slowdown in smartphone sales and market growth, the Indian smartphone market has grown ever more competitive. The competition has reached such a level that companies are continuously pushing the prices of their smartphones down in the increasing demand by the consumer. The increase in demand including the latest specifications and the best that a company can offer when compared with the competition.
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Taking a look at the data and its findings, Lead Analyst at IIG CMR, Narinder Kumar issued a statement adding, CY2018 witnessed growth in ASV of Smartphones largely due to upgradation. A majority of the current smartphone shipments are essentially upgrades, driven by consumers seeking more from their smartphones. This has pushed more than 80 percent of smartphone makers to sell smartphones at a price that is lower than the standard industry rate.
The 80 percent of smartphone makers means that four in every five smartphone makers are selling their devices at a price point that is lower than the overall average selling price for a smartphone in that particular segment. The report also stated that the 80 percent smartphone makers selling devices below the average selling price mostly include Chinese and Indian smartphone makers while three out of four brands selling devices at an expensive price point were global brands including Apple, Samsung, and Google. Last but not least, the report also stated that the top 10 smartphone makers accounted for about 80-85 percent of total sales in the smartphone segment.