Given the heavy reliance of Indian phone and electronics industry on imports from the neighboring nation, there were apprehensions that stocks would run out, hitting local assembly.
Counterpoint Research Senior Analyst Prachir Singh said, “In 2021, the Indian smartphone market is estimated to grow at 20 per cent y-o-y. Major reasons for such a high growth will be increased consumer spending as economic activities grow, and aggressive product strategies from top brands.” He added, “Once lockdown restrictions were eased, we started working towards meeting customer demands… quickly ramping up our production capabilities. We also re-visited our marketing strategies, launched formats and business goals that resonated with the ‘new normal’.”
CMR Head Prabhu Ram said, “Amidst the ongoing supply chain realignments, the government is focused on taking a bigger bite of the manufacturing pie. Going forward, the government will have to redouble its efforts to improve the ease of doing business.” He further said, “On the back of these evolving customer preferences, growing popularity of OTT platforms and robust Internet connectivity, we believe the smart TV market will continue to grow in the near future.”