India expects to clock 10% yoy growth in smartphone shipments in 2023

26 Dec 2022 , 09:16 AM

Smartphone shipment in India is projected to grow 10% year-on-year (YoY) in 2023 after an estimated decline of 5% this year, as per the new report by Counterpoint Research published on Friday. The total number of smartphone shipments in 2023 is expected to reach 175 million.

Analysts attributed the decline in shipments in 2022 to inflationary pressure, component shortage, and the Russia-Ukraine war, while the growth in 2023 will be driven by upgrades to 5G devices.

The country with more than 600 million smartphone users will soon be witnessing migration of feature phone users towards smartphones.

Shipments are expected to drop by 5%, while government purchase of smartphones will drive the sales. The Indian market been rising at a steady pace in the last five years, except for a slump in 2020 due to Covid-19 crisis. But it failed to meet expectations in 2022 due to component shortages at the beginning of the year.

Even after the slowdown in 2022, India’s smartphone market remained resilient to do better growth than many other regions.

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