The Indian Smartphone market is growing both in terms of sales volume as well as value, as per the reports of GfK. GfK (Growth from Research) is a Germany based company; it renders market research services to other organizations.
The report apprises that over 161 million smartphones amounting INR 28.5 billion were sold in 2018.
"In Asias emerging markets such as India, a country where feature phone sales still exceed half of the total handset market, smartphone markets rapid growth is fueled by the high adoption rate of first-time smartphone users, in addition to the fast replacement cycle and upgrading of existing smartphone users, said Alexander Dehmel, Senior market insights manager of GfK, as reported by Indian daily newspaper, The Economic Times.
As per the conducted study, global smartphone sales surged by 5 per cent and thus, reached to $522 billion in FY2018. The Asia Pacific Region (APAC) plays a critical role in increasing global sales as APAC region sales add more than $254 billion in global sales.
In the APAC region, China has been deemed the largest contributor to the increasing smartphone sales, by comprising 60 per cent share in total market value and 54 per cent share in market volume. However, India follows China in global sales, thus, becoming the second largest contributor in the global market.
GfK, the German Market research company, said that the telecommunication sector comprising of smartphones, feature phones and wearables claimed 44% share, and remains the powerhouse in the $1.2 trillion technical consumer goods market, as reported by the Indian daily newspaper, The Economic Times.