Indian smartphone market to see slow growth in 2023: Report

File photo of OnePlus Nord CE 2 Lite

According to market analysts at Counterpoint Research, the Indian smartphone market will see slow growth in 2023. The analysts say that economic inflation concerns will keep most customers at bay.

According to the analyst report, smartphone shipments in India fell 9 percent in 2022, falling to 152 million units shipped. Comparatively, shipments grew 11 percent in 2021, with 169 million units shipped.

The report says that 2023 will register single-digit growth at best, with analysts from IDC predicting a flat 2023, in terms of shipments.

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Counterpoint said that the longer life-cycle of smartphones was also playing a part, with customers content with their devices for far longer than usual. The report said that the average refresh was cycle for smartphones in India was six months in 2020, which has now grown to nearly 24 months.

Data by Counterpoint also shows that smartphone shipments fell nearly 30 percent amid weak demand in the festive season. IDC says that manufacturers will increase costs to combat weak demand.

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“Going forward, what will happen is that brands will start focusing on increasing revenue, or value, from India’s smartphone market, which has seen the average selling price (ASP) of smartphones go up steadily through 2022, and the same will happen in 2023 as well," said Navkendar Singh, associate vice-president at IDC.