Here are the reasons for potential market share loss for Redmi, Realme in India.
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.
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 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.