The highest-ever number is coming at a time when the global smartphone industry is facing component shortages
Chennai: Smartphone sales in the country are projected to touch a record $7.6 billion, or about Rs 56,860 crore, this festive season.
According to Hong Kong-headquartered Counter-point Research, the festive season has been driving smartphone sales in India.
"This trend has been accelerated this year by the high pent-up demand backed by aggressive promotions in the mid and premium segments. We estimate that almost $7.6 billion worth of smartphones will be sold during the ongoing festive season," said Counterpoint senior analyst Prachir Singh.
The highest-ever number is coming at a time when the global smartphone industry is facing component shortages.
The smartphone retail average selling price (ASP) during the festive season is also expected to grow 14 per cent to reach its highest ever at about Rs 17,200. High consumer demand in the mid and premium segments is expected to drive the sales.
An analysis by research firms Techarc and mScanIt projects smartphone sales volumes of 49.9 million during the October-December 2021 quarter.
The analysis found that the sales of smartphones have significantly jumped, with more and more discounts available on e-commerce platforms.
The analysts expect the October-December 2021 quarter to contribute 56 per cent of annual revenue and 32 per cent of annual volumes.