India’s smartphone market witnessed its first-ever Q1 shipment decline of 20% year-on-year (YoY), a report has said. The decline has been attributed to uneven demand woes that were indicated by the economic situation toward the end of Q4 2022. According to Canalys research, smartphone sale channels remain vulnerable to stock build-up.
India’s smartphone market witnessed its first-ever Q1 shipment decline of 20% year-on-year (YoY), a report has said. The decline has been attributed to uneven demand woes that were indicated by the economic situation toward the end of Q4 2022. According to Canalys research, smartphone sale channels remain vulnerable to stock build-up.“The Indian market faces early-year struggles but vendors keep fueling the market as they remain bullish on long-term prospects,” said Sanyam Chaurasia, Analyst at Canalys. “Just as the economic indicators toward the end of Q4 2022 clearly suggested that demand would remain sluggish in the short term, it was witnessed so in Q1 2023. Despite this challenge, investments from major brands are pouring in as they align with the government’s vision and changing consumer behaviour.
