According to a survey released on Thursday, the Indian telecom market saw a 36% value increase in offline retail last year, and domestic telecom market growth is predicted to be stable and value-driven in 2023 compared to 2022.
According to a survey by market intelligence firm GfK, while the worldwide telecom sector saw a 9.7 percent fall in revenue in 2022, India was one of the bright spots.
According to Kartik Vasudevan, a GfK analyst on the telecom business, “India reported a double-digit revenue growth in the same time over the previous year encompassing smartphones, core wearables, and TWS mobile headsets” in 2022.
In 2022, the sales unit for smartphones came from Tier 3 and below, while the sales unit for wearables came from Tier 1. While the top-tier towns continue to have a major share, the shift in consumer needs and changing lifestyles are pushing increased adoption of smart devices.
Overall, premium handsets, 5G, and wearable gadgets will fuel the next stage of growth in the telecom business, according to Vasudevan.
From the beginning of the year to the end of it in 2022, demand for smartphones as a whole, including phablets, rose by 15%. There was a rise of 17% in the ASP of smartphones, to Rs 17,032, from 2021.
Demand for high-end smartphones followed suit, and by 2022, 5G models will account for 44% of all mobile device sales income.
Contrarily, sales of gadgets with capacities of more than 256GB surged by 122% that year.
The value of the wearables market in India increased by 127% compared to the previous year in brick-and-mortar stores.
