With the successful conclusion of the 5G spectrum auctions on August 1, 2022, smartphone companies are looking forward to heydays, again. The smartphone industry has been plagued by multiple issues such as component shortages, inflation, increasing competition in the entry-level segment and inventory issues. However, with the availability of the 5G network, the industry looks bullish and by the end of 2022 there will be a surge in demand for 5G smartphones. “By the end of 2022, 5G smartphones will account for 35 per cent of the total smartphone shipments in India. This is expected to increase to 53 per cent by the end of 2023. Since the availability of the network is now anticipated by October 2022, we can expect a surge in demand for 5G smartphones during the festive season. OEMs will also focus on multiple 5G launches during that time,” said Charu Paliwal, research analyst at Counterpoint Research.
HOW ARE COMPANIES GEARING UP?
At the forefront of bringing in new technologies, companies have put together a detailed strategy to bring more 5G products and to democratize the new network in India. Realme launched 5G smartphone in India, back in 2020 and has already become the fastest-growing 5G smartphone brand this year. “Realme remained the fastest growing among the top five OEMs with 23 per cent year-on-year growth,” said a report by Counterpoint Research.
This story is from the September 2022 edition of Entrepreneur magazine.
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This story is from the September 2022 edition of Entrepreneur magazine.
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