Gurugram/New Delhi, September 13, 2024. As the 2024 festive season approaches, CyberMedia Research (CMR) forecasts a record-breaking surge in India’s consumer electronics market. CMR’s estimates project an 8-10% increase in smartphone unit sales and an 18-20% rise in market value year-over-year.
This growth in the smartphone market is reflects a broader trend across various electronics segments, driven by strong consumer demand for premium devices, aggressive promotions, exciting new product launches, and a notable rise in 5G adoption. Alongside smartphones, this season will see significant growth in Tablets, True Wireless Stereo (TWS) and Smart Hearables, and Smartwatches, amongst others.
According to Menka Kumari, Analyst – Industry Intelligence Group, CyberMedia Research (CMR), “With the festive season of 2024 on the horizon, India’s consumer electronics market is set for unprecedented growth. This season’s surge will be fueled not only by the rising demand for premium smartphones and the rapid 5G diffusion, but also by strong performance across tablets, wearables, and other high-tech devices. The growth will be steered by consumers in Urban and Aspirational India, and made possible by increasing accessibility of consumer electronics in those regions.”
Smartphone Market Assessment
CMR’s market assessment indicates robust growth across various smartphone segments:
- Affordable Segment: Maintaining steady momentum with a 42% growth rate.
- Premium and Super-Premium Segments: Continuing to excel with growth rates of 56% and 59% YoY, respectively.
- Uber-Premium Segment: Poised for a remarkable 131% surge, driven by high demand for the latest flagships.
Expanding Horizons: Tablets, TWS, and Smartwatches
Beyond smartphones, CMR’s estimates highlights growth in other consumer electronics:
- Tablets: Expected to grow by 9% YoY, fueled by increasing demand for both premium 5G and value-for-money devices, for work, learn and entertainment.
- True Wireless Stereo (TWS) and Smart Hearables: Projected to see a 10-15% increase, driven by upgrades at the premium and affordable end.
- Smartwatches: Anticipated to experience modest growth, with demand driven by both upgrades to the latest models and purchases of older-generation devices at discounted prices. Rising health consciousness is making smartwatches a favoured gifting choice.
Conclusion
As the festive season of 2024 approaches, the Indian consumer electronics market is gearing up for a record-breaking surge in revenue, with smartphones leading the way.
“The growth in the consumer electronics market is driven by the confluence of 5G, a strong premiumization wave, and competitive pricing strategies. The smartphone market, in particular, is expected to surpass last year’s figures, reflecting a growing consumer preference for innovative, high-value devices. Brands that prioritize consumer satisfaction and deliver exceptional value will emerge as winners in this dynamic and competitive landscape,” added Amit Sharma, Analyst – Industry Intelligence Group, CMR.
