Market intelligence firm Gartner's latest forecasts for the mobile phone market shows that the Indian cellular market is poised for substantial growth. According to Gartner, India's smartphone market is expected to account for 62% of all mobile phone sales in India in 2018.
Anshul Gupta, research director at Gartner, said: "With the slowdown in sales in major markets, including the U.S., China and mature Western Europe, India represents the largest opportunity because it is the second-largest mobile phone market after China."
Driven partly by consolidation in the market and 4G rollout, India's smartphone market is also experiencing a boon in the wake of demonetisation, which is influencing demand for digital payment methods. This has led to an increase in digital currency and demand for smartphones.
Other insights from Gartner's research also showed that unlike earlier trends that saw falling mobile phone average selling prices, as driven by a rush to low cost mobile phone, consumers are now opting for quality of price. From its perspective, the company has noted that users are willing to shell out more for quality smartphones equipped with improve features, rather than aiming for the lowest price.
"The growing ASP trend will be maintained in the coming years with the increasing middle class population and rising per capita income leading to more disposable income to be spent on electronic goods," concluded Gupta.