After having a tough start this year, the India smartphone market witnessed an overall 10-15 percent decline during the March quarter.
Oppo Witnessing Growth During Uneven Demands
Interestingly, one handset maker, Poco saw growth in the country during the same quarter.
This development comes amidst the falling online sales of mobile handsets which is down by 20 per cent, according to a market intelligence firm.
Canalys said that the Indian smartphone market witnessed the first-ever Q1 shipment decline of 20 percent year-on-year (YoY).
During this time South Korean tech giant Samsung remained in the top spot in Q1 with a 21 percent market share, shipping 6.3 million devices.
In the meantime, Oppo overtook Vivo and Xiaomi to reach the second spot with 5.5 million device shipments.
It seems that the Indian market is witnessing uneven demand woes and channels remain vulnerable to stock build-up.
Interestingly, this Xiaomi sub-brand was the only handset maker to register growth in online sales channels while the overall Indian smartphone market is witnessing fall in sales, as per the media report.
The launch of three models in Poco’s C-series under Rs 10,000 and X5 Pro in the price range of Rs 20,000-25,0000 price segment fuelled the company’s growth in the first quarter of 2023, according to the media report.
The first quarter has been on track with 68 percent growth, and preliminary numbers for the second quarter are even higher than the first quarter, said Himanshu Tandon, Country Head of Poco India.
Fastest-growing Smartphone Brand
In a statement, Analyst at Canalys, Sanyam Chaurasia said, “Despite this challenge, investments from major brands are pouring in as they align with the government’s vision and changing consumer behavior. They are focusing on optimizing retail, manufacturing, local sourcing, and R&D to secure their long-term position in the market.”
The smartphone maker made an announcement on Twitter saying, “Can’t keep calm as we just bagged the trophy of being the fastest-growing smartphone brand as per @Canalys! With a whopping 68% YOY growth in Q1’ 23, we extend a heartfelt gratitude for your trust in us.”
The company said, “Poco India’s strategically implemented several initiatives, a consumer-focused approach and dedication to delivering exceptional value products resulted in an impressive 60 per cent repeat purchase rate among its loyal customer base. Poco India also introduced enticing loyalty programs that have received great traction amongst youth, establishing strong brand loyalty.”
Earlier, economic indicators towards the end of the fourth quarter (Q4) of 2022 suggested that handset demand would remain sluggish in the short term and the same was witnessed so in Q1 2023.
