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India now the leading market of smartphones in Asia

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New Delhi: With an increase of 28.8% in 2015 as compared to the year 2014, around 10.36 crore smartphones have been shipped to India, thus making it the fastest growing smartphones market in the Asia Pacific region.

According to International Data Corporation (IDC), “Quarterly Mobile Phone Tracker”, 2.46 crore smartphones were shipped in India in the fourth quarter of the year 2015.An increase of 15.4% as compared to 2014 when 2.22 crore units were shipped in the country during the same period.

“The online share of smartphone shipments continued to ramp further as the fourth quarter of 2015 saw online mega sales from major e-traders like Flipkart, Snap deal and Amazon,” said Karthik J, senior market analyst, client devices.

“Online share spiked to 37.3% in the fourth quarter of 2015, growing 2.5 times over the same period last year with almost half of the contribution coming from online exclusive models,” Karthik added.

The report said the smartphone market in China has begun to slow down and most vendors especially the Chinese, are now looking for avenues to leverage on India’s growth potential in the smartphone market.

“Chinese vendors’ smartphone shipment spiked with 71% growth in the fourth quarter of 2015 over last year,” added Jaipal Singh, market analyst, client devices.

Singh further added that “good quality, big discounts by e-traders and higher specification at lower prices are few key factors for which Chinese smartphones are preferred over others especially in $100-$300 (Rs 6840-Rs 20523) price band.”

With the advancement and success of the “Make in India” campaign, Singh said that almost one in two smartphones shipped in the fourth quarter of 2015 were manufactured in India with Samsung leading with the highest shipments.

Similarly, 4G smartphones shipment spiked to 1.39 crore units accounting for more than half of the market in the fourth quarter of 2015.

“4G-based smartphone shipments surpassed 3G volume for the first time during the last quarter of the year, primarily led by Samsung and Lenovo together accounting for more than half of 4G volumes,” Karthik noted. (IANS)

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Automotive Industry To Benefit From Corporate Tax Cut, Says ICRA

India's automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut, credit ratings agency ICRA said on Monday

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India, Tax cut, Automotive Industry
India's automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut. Wikimedia Commons

India’s automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut, credit ratings agency ICRA said on Monday.

“Under the current weak demand conditions, OEMs (original equipment manufacturers) are expected to pass on some of the benefits of tax revision to the end consumers,” ICRA Vice President and Sector Head Pavethra Ponniah was quoted in a statement.

“This implies that the price correction in coming months will to an extent address the demand side issues. Moreover, clarity from the government, that there is no further GST or cess revision, will help consumers who were waiting for improved clarity prior to their car purchase decision,” she added.

According to ICRA, the current reduction of corporate tax rates in India to globally competitive levels will incentivise OEMs and their vendors to increase localisation, which augurs well for the industry.

In 2019-2020, India has imported auto components worth $17.6 billion.

India, Tax cut, Automotive Industry
the current reduction of corporate tax rates in India to globally competitive levels will incentivise OEMs and their vendors to increase localisation. Pixabay

ICRA also said that given the increasing US-China trade tensions, revision in corporate tax will attract FDI in Indian manufacturing sector, as the revised tax structure is now in line with other emerging markets.

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“In the current fiscal, the Indian automotive industry, especially the passenger vehicle segment, has witnessed one of the worst slides since the last two decades because of multiple factors,” the ratings agency said in a statement.

“Tighter financing environment for consumers and the liquidity crunch faced by dealerships coupled with weak farm income and overall slowdown in economic activity has impacted consumer sentiments and purchasing behaviour,” the statement added. (IANS)