PR Newswire
22 Jun 2022, 18:54 GMT+10
The government's Production-Linked Incentive scheme is helping manufacturing companies increase their year-on-year sales, finds Frost & Sullivan
SAN ANTONIO, June 22, 2022 /PRNewswire/ -- Frost & Sullivan's analysis of the Indian mobile phone industry finds that rising internet penetration and falling smartphone prices fuel the sector's growth. As smartphone demand wanes worldwide, the Indian mobile phone market remains underpenetrated and is growing. This presents substantial opportunities for every mobile value chain participant. The total mobile phone market (feature phones and smartphones) is forecast to generate INR 2.4 trillion in revenue by FY26 from INR 1.4 trillion in FY22, recording a 14.5% compound annual growth rate (CAGR). In terms of volume, the Indian mobile phone market consisted of 255 million units in FY22, which is likely to grow at a CAGR of 9.7% to reach 370 million units by FY26. Chinese brands, such as Xiaomi, Oppo, Vivo, Realme, and OnePlus, comprised 71% of the smartphone market share in India in FY22, while foreign (excluding China) and Indian brands accounted for the remaining 25% and 4%, respectively.
For further information on this analysis, please visit: https://frost.ly/7e2.
"Government mandates and support in terms of legislative and financial incentives are critical for the mobile phone market, influencing its growth," said Rajkumar Elilarasu, Senior Consultant, Industrial Practice at Frost & Sullivan. "Additionally, the government's Production-Linked Incentive (PLI) scheme is helping mobile manufacturing companies increase their year-on-year sales. Currently, India is the second-largest exporting nation for mobile phones and is fast becoming a global manufacturing hub."
Rajkumar added: "India has the potential to export mobile phones worth about $100 billion and components worth $40 billion by FY26. India-manufactured phones are popular in the Middle East and North Africa region, offering India considerable export market potential along with domestic sales."
To tap into the growth prospects brought about by India's booming mobile phone market, manufacturers should:
Indian Mobile Phone Growth Opportunities is the latest addition to Frost & Sullivan's Industrial Automation research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.
For over six decades, Frost & Sullivan has helped build sustainable growth strategies for Fortune 1000 companies, governments, and investors. We apply actionable insights to navigate economic changes, identify disruptive technologies, and formulate new business models to create a stream of innovative growth opportunities that drive future success. Contact us: Start the discussion.
Indian Mobile Phone Growth Opportunities
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