Foldable phone shipments in India to grow by 20-30% by 2023

NEW DELHI: Domestic shipments of foldable phones are likely to grow by 20-30% next year, after 2022 sees an increase of more than 50%, both globally and in India. According to the annual report by market research firm Counterpoint, titled “Global foldable smartphone market forecast, 3rd quarter 2022”, fiscal year 2023 is likely to see growth. 52% annually, with 22.7 million foldable phones shipped globally. However, foldable smartphone shipments in India, although growing at the pace of global shipments, are still a very small part of the overall pie.

Industry officials say about 400,000 foldable smartphones have been shipped in India in calendar year (CY) 2022. “Although foldable phone shipments will increase 20-30% % next year, but overall they are still small, accounting for just over 2% of all phone shipments priced above $30,000 in India, as of the 12th quarter,” a senior industry official told the Mint.

According to Prachir Singh, senior research analyst at Counterpoint, India’s ‘premium’ smartphone market, for handsets priced above $30,000, representing “between 10-11% of the overall market” as of the September quarter. According to Counterpoint quarterly data, 45 million smartphones were shipped in India during the period.

Speaking to Mint, Singh said that the market share of foldable phones is unlikely to change drastically next year, given the small installed user base in the country. “India’s average selling price (ASP) for smartphones is still around $245. $20,300), while foldable phones are priced at a premium – even among niche premium smartphone buyers in India,” he said.

Globally, foldable phones have captured a double-digit market share in the ultra-high-priced (over $1,000) segment this year, said Tarun Pathak, global smartphone director at Counterpoint. “We expect it to grow above 20% globally by 2023,” Pathak added.

Counterpoint’s report notes that while Samsung will continue to lead the foldable phone market next year, China-based brands like Honor, Motorola, Xiaomi, Huawei, Oppo and Vivo could will contribute to increased competition and lower prices in the coming year.

However, despite this growth in foldable smartphone shipments, the overall smartphone market has remained quiet, with 2022 marked as a year of consecutive declines. next.

Q9, often considered the strongest shipment quarter for smartphone vendors in India, saw a “first” year-over-year decline this year with an 11% drop. Industry experts attributed the drop to an ever-higher inventory build of up to 10 weeks, coupled with a drop in customer demand amid inflation concerns.

Even amid this slump, the premium market has seen an uptick in sales thanks to festive season offers for devices from brands like Apple, Samsung, and OnePlus. According to Counterpoint’s November 4 report, the premium segment achieved its highest market share ever in India with 12% in Q9, a period when Apple’s iPhone 13 became the most shipped smartphone. in India.

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