Redmi and Realme might face potential market share decline in India, here’s why 2023
HIGHLIGHTS
- The report says OnePlus is a preferred brand among young users in the Android segment.
- Homegrown smartphone brand, Lava, follows OnePlus in customer satisfaction.
- Redmi and Realme are likely to experience declines of 4 percent and 3 percent.
Smartphone brands Redmi and Realme hold a strong combined market share of approximately 33 percent. However, they might experience a notable market share decline to competitors like Lava and OnePlus, specifically with their Agni and Nord series, respectively.
According to a new report, as the smartphone market in India progresses, the younger generation is now looking beyond Redmi and Realme, exploring brands that offer premium features and innovative designs. Here are the details.
Redmi and Realme in India to see potential market share
As per a report by market research firm Techarc, OnePlus is projected to see a gain of 6 percent in market share, with Lava and Apple following with expected increases of 4 percent and 3 percent, respectively.
On the flip side, Redmi and Realme are likely to experience declines of 4 percent and 3 percent, making them the top potential losers. Except for Samsung and Vivo, other smartphone brands are anticipated to lose at least 1 percent of their market share. Here are some key points.
- The firm researched the buying decisions of Indian youth (up to 25 years old) for their upcoming smartphones.
- Data reveals that OnePlus is a preferred brand among young users in the Android segment, with high retention rates for future purchases.
- Lava follows OnePlus in customer satisfaction, with over 82 percent of existing users intending to upgrade to another Lava phone.
- Lava’s recent Blaze, Agni, and Yuva Series launches target youth preferences in design and specifications.
- Samsung and Vivo owners express satisfaction, but some users, particularly OnePlus fans, consider exploring other brands.
- Apple users, especially youth and students, exhibit strong loyalty, with all respondents expressing intent to stick to an iPhone.
- Nokia, iTel, Tecno, Micromax, and other brands face challenges attracting young audiences, as over 70 percent of existing users consider switching to a different brand for their next purchase.
The report notes that understanding how young people stick with or switch smartphone brands will greatly impact which brands dominate the smartphone market in 2024 and beyond. It is expected that more than 40 percent of smartphones sold in India by then will be bought by people under 25 years old. The shifts in market share within this age group will affect the overall rankings of smartphone brands in the market.
