It was in 2020 that India surpassed the US as the second largest market for smartphones, an achievement not quite surprising for the second most populous country in the world. To put it in perspective, India had 492.8 million smartphone users in 2021, as per the Global Mobile Market Report by international market research firm Newzoo. The population of the US, on the other hand, was 332.9 million. Even in terms of smartphone market potential, India was way ahead, with a penetration of 35.4%, much lower than the US at 82.2%, the report indicates, suggesting a huge untapped segment in India.
Party's Over, Almost, in the Smartphone Market
India is a leading market for smartphones and has an untapped segment. However, the decline in volume of annual shipments, especially for entry-level smartphones, belies the 5G-induced optimism