The smartphone industry in India is facing tremendous growth in 2024 as the demand for 5G phones continues to rise. With a forecasted 1 billion smartphone users in the future, India has the potential to become the second-largest smartphone producer in the world within the next five years, driven in part by the increasing demand in rural areas.
“In India, the demand for 5G phones is growing at an alarming rate, and the smartphone market is rapidly expanding. India has the opportunity to become a leader in producing and delivering new technologies for users worldwide,” says Ankit Sharma, a telecommunications sector analyst at IndieTech Research.
The growth of smartphone adoption in India is associated with affordable data prices. Compared to other countries, data network costs are relatively lower in India, which encourages users to spend an average of 5 hours daily on their phones. This underscores the importance of smartphones as digital companions in the lives of Indian residents.
“Indians do not want to compromise on quality when it comes to smartphones and are willing to pay more for better products. The average price of smartphones in India has increased by 5% and now stands at 21,000 INR, exceeding the average monthly income in affluent urban areas. This indicates a shift in consumer behavior, where quality is paramount over price when purchasing smartphones.”
Other trends visible in 2023 include the growing popularity of 5G smartphones, which enable the use of tools and services based on artificial intelligence. There is also a rapid rise in the popularity of social media influencers who can create high-quality content thanks to 5G.
Predictions for 2024 indicate further growth in the Indian smartphone market. The demand for 5G phones will be a key driving factor, especially for models priced below 10,000 INR. Smartphone manufacturers will face fierce competition in capturing consumers in this category.
In summary, the smartphone industry in India has significant opportunities for growth and development in 2024, fueled by the increasing demand for 5G phones. With a combination of high quality and affordable data access costs, the smartphone market in India continues to evolve and shape the future of technology in the country.
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The source of the article is from the blog aovotice.cz