dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Cities
  • Economy

India’s Smartphone Market Set To Surge

  • September 22, 2023
Total
0
Shares
0
0
0

We would like to thank our generous sponsors for making this article possible.

With a thriving economy and demographic shifts driving consumer demand, the market could triple to $90 billion by 2032.

India is on track to become the world’s third-largest economy by the end of the decade, propelled by increased digitalization and a burgeoning consumer class. The same forces are setting up the country of more than 1 billion people to be the fastest-growing smartphone market in the world in the next 10 years.

“After 20 years of lagging behind its global peers, India’s smartphone market now looks set to reach its potential,” says Erik Woodring, Morgan Stanley’s U.S. hardware analyst. “We expect the market to triple from current levels to reach $90 billion by 2032.”

Despite leading the world in terms of population growth this year, India has thus far failed to deliver on investors’ long-held expectations of significant growth opportunities for smartphone usage. Market penetration has languished at around 40%, compared with the global average of 60%, while most of the growth in the market has come from cheaper, lower-end devices. But smartphone usage appears poised to surge, along with upgrades to the newest and most expensive phones.

GDP Growth Spurt

India’s GDP is expected to more than double over the next decade, reaching $7.5 trillion with expected annual growth of 6.6%. At the same time, per-capita income is expected to double, and the country is projected to have five times as many high-income households by 2031.

India should see a fivefold increase in high-income households by 2031.

These factors, along with rising urbanization and improvements in infrastructure, are expected to drive 11% annual growth in the smartphone market over the next decade. This would make India’s market the third-largest in the world after China and the U.S., accounting for 15% of global market value, up from 6% today.

“In this scenario, India would be the sole growth driver in the global smartphone market in the next decade, ultimately accounting for 20% of worldwide shipments by 2032,” says Woodring.

Expensive Tastes

In a recent Morgan Stanley survey of Indian smartphone users, three-quarters of respondents said they are likely to buy a new device in the next 12 months, with some possibly prioritizing it over household items such as a personal computer, car or refrigerator.

Indian consumers indicated strong demand for smartphone purchases over the next year.

Respondents overall said they are prepared to spend as much as 20% more for their next smartphone, while those aged 18 to 25 would consider paying 30% more. Indian consumers are increasingly willing to pay premium prices for access to technologies such as 5G compatibility, longer battery life, better camera quality and more storage capacity.

These preferences are fueling a shift toward higher-end devices from vendors based outside India. Over the next decade, 80% of India’s smartphone market growth will come from smartphones costing more than $250, compared with about 10% over the last five years. Along with the vendors, supply-chain companies with India-based production that assemble or make components for these in-demand phones should benefit.

“Smartphones are becoming a necessity in India and even more critical to the consumer,” says Woodring. “The prioritization of smartphone purchases and the desire for new smartphones bodes well for smartphone vendors in India.”

For full analysis on the growth outlook for India’s smartphone market, ask your Morgan Stanley representative or Financial Advisor for the report, “India Smartphone Market to Triple to $90 billion Over the Next Decade” (July 16, 2023). 

Originally published at: Morgan Stanley

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Data
  • Economy
  • GDP
  • India
  • Morgan Stanley
  • Smartphone
dotlah.com

Previous Article
Coffee | Laptop | Notebook | Work
  • People

First HP Work Relationship Index Shows Majority of People Worldwide Have an Unhealthy Relationship with Work

  • September 20, 2023
View Post
Next Article
Electric vehicle. Bus
  • Cities
  • Climate Change

It Takes A Village: Defining Sustainable Infrastructure

  • September 29, 2023
View Post
You May Also Like
View Post
  • Cities

Politicians love comparing NZ’s economy to Singapore or Ireland – but it’s simplistic and misleading

  • dotlah.com
  • September 21, 2025
View Post
  • Economy
  • Politics

New Trump tariffs: early modelling shows most economies lose – the US more than many

  • dotlah.com
  • August 6, 2025
View Post
  • Cities
  • Technology

Meralco PowerGen’s PacificLight starts up 100 MW fast-response plant in Singapore

  • dotlah.com
  • June 20, 2025
View Post
  • Cities

Renewable energy, carbon credits are priority areas of cooperation for Singapore, Philippines: Lawrence Wong

  • dotlah.com
  • June 4, 2025
View Post
  • Cities
  • Politics

Singapore businesses eye more investments in PH, says PM Wong

  • Dean Marc
  • June 4, 2025
View Post
  • Economy

Trump’s global trade plans are in disarray, after a US court ruling on ‘Liberation Day’ tariffs

  • dotlah.com
  • May 29, 2025
View Post
  • Cities
  • Research

Mathematicians uncover the logic behind how people walk in crowds

  • dotlah.com
  • April 3, 2025
“Toyota Woven City,” a Test Course for Mobility, Completes Phase 1 Construction and Prepares for Launch
View Post
  • Cities
  • Technology

“Toyota Woven City,” a Test Course for Mobility, Completes Phase 1 Construction and Prepares for Launch

  • John Francis
  • January 6, 2025


Trending
  • 1
    • Environment
    • People
    What Are Viruses Anyway, And Why Do They Make Us So Sick? 5 Questions Answered
    • February 28, 2020
  • 2
    • Cities
    SUTD Announces Multi-Faceted Sustainability Plan For A More Sustainable And Happier World By Design
    • December 7, 2021
  • 3
    • Lah!
    • Technology
    Never Too Early: How Fresh Grads Can Help SMEs Go Digital
    • September 21, 2021
  • 4
    • Lah!
    DBS Rolls Out Branch Transformation To Boost Convenience And Accessibility For Customers
    • November 17, 2020
  • 5
    • Lah!
    Grab And Disney Continue To Bring Magical Experiences To Millions Of Consumers In Southeast Asia
    • November 3, 2021
  • 6
    • Lah!
    • Technology
    UOB First Bank In Singapore To Pilot Sign With Singpass For Digital Signature Authorisation; Move Will Cut Down Paper Usage By Two Million Forms A Year
    • June 11, 2021
  • united-nations-covid-19-response-avt0TnE_NS0-unsplash 7
    • People
    Watch: Simple Test Shows Masks Reduce Droplet Spray
    • March 5, 2021
  • 8
    • Cities
    • People
    Linear Cities Like NEOM
    • May 17, 2023
  • 9
    • Lah!
    Singapore Changi Airport Community Donates Oxygen Concentrators To Indonesia To Support Fight Against COVID-19
    • August 22, 2021
  • 10
    • Cities
    How Do You Measure The Value Of A Historic Site?
    • July 15, 2019
  • 11
    • Cities
    COVID-19 Has Created More Cyclists: How Cities Can Keep Them On Their Bikes
    • August 4, 2020
  • 12
    • Cities
    • Lah!
    Singaporean Firm To Launch A One-Seater Flying Vehicle In The USA
    • May 8, 2019
Trending
  • 1
    Why climate summits fail – and three ways to save them
    • October 21, 2025
  • Bluetooth speakers 2
    Best Bluetooth Speakers Under $200 (2025 Edition)
    • October 16, 2025
  • 3
    Apple Vision Pro upgraded with the powerful M5 chip and comfortable Dual Knit Band
    • October 15, 2025
  • 4
    Apple unveils new 14‑inch MacBook Pro powered by the M5 chip, delivering the next big leap in AI for the Mac
    • October 15, 2025
  • 5
    Apple introduces the powerful new iPad Pro with the M5 chip
    • October 15, 2025
  • 6
    Singapore’s national identity excludes those who don’t look like a ‘regular family’
    • October 9, 2025
  • Smart Watch 7
    Best Smartwatches, Your Gateway to Health Monitoring and Everyday Use
    • October 5, 2025
  • Cooking pots and pans 8
    Best Pots and Pans 2025: All-Season, All-Purpose Picks for Every Kitchen
    • September 23, 2025
  • 9
    Politicians love comparing NZ’s economy to Singapore or Ireland – but it’s simplistic and misleading
    • September 21, 2025
  • Kitchen Knives - Best All-Around Picks in 2025 10
    Kitchen Knives : The Surgeons of Cooking – Best All-Around Picks in 2025
    • September 15, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.