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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.
Full story available on Benzinga.com
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