Mobile phones have exploded in India, but the industry’s booming mobile phone boom is still not enough to compensate for a shrinking market.
In India, India’s largest market by market value, the market is expected to grow by 3.6% in 2021, according to the latest estimates from the telecom market research firm IHS Markit.
But it is not just about India that is struggling with a dwindling market.
Other markets have also been struggling, with Europe and Asia the main markets of the next wave of smartphone shipments, according the research firm.
In fact, India is currently experiencing a massive phone boom.
According to market researcher Counterpoint Research, Indian mobile phone shipments grew by 2.6 million units during the second quarter of 2021, while global shipments grew 2.7 million units.
But that doesn’t mean that India’s smartphone market is on the verge of exploding.
India’s mobile phone market is a shrinking, but it’s still growing in the region, Counterpoint notes.
The growth in the Indian market is not only due to a shrinking smartphone market, it is also due to rising penetration of smartphones in the country, according a Counterpoint report.
According the research, Indian smartphone penetration in 2021 is expected increase to 33% from 20% in 2020, while the penetration of smartphone handsets is expected rise to 28% from 17%.
Counterpoint Research predicts that smartphone penetration will continue to rise in India for the foreseeable future, with the number of people using smartphones increasing from 2.3 billion in 2020 to 4.2 billion in 2021.
India will overtake the United States as the country with the second-highest smartphone penetration, according Counterpoint.
The rising penetration in India is not limited to smartphones.
As part of the report, Counterpoints analysis also points out that India is expected see more adoption of digital payment platforms such as PayPal and Stripe.
In India, it also shows that consumers are moving away from the traditional payment methods.
Counterpoint says that this shift is being driven by several factors, such as increased competition in online retailing, and the rise of payments by e-commerce platforms such Google Wallet and Apple Pay.
While the growth in mobile phone sales is expected in India in 2021 according to Counterpoint, the company cautions that it will be a while before mobile phone usage has reached saturation levels.
Counterpoints research also shows a strong growth in China, where the market will likely continue to grow from 2021 to 2022, despite a slowing global smartphone market.
Despite the increasing penetration of mobile phones in India’s booming smartphone market and the booming smartphone sales, some argue that there is a long way to go to truly transform the mobile phone industry in India.
Anecdotal evidence suggests that India may see some growth in its smartphone market in the next five to 10 years.
For instance, a Counterpoints report claims that there are more than 1.5 million mobile phone operators in India that are now operating as smartphone service providers, according its research.
India is also expected to see a growing number of companies offering mobile phone services.
According to Counterpoints, Indian companies will have to offer more affordable and fast mobile phones and higher-end features, such an improved data plan, to compete in the growing mobile phone business.
India has also been the home of the world’s largest smartphone market after China, with more than two million smartphone devices in use in 2021 and India’s average smartphone user spending on the device was close to $100 a day.
While some people may be concerned about the potential impact on the quality of mobile phone service in India and worry about the lack of competition, many believe that it is a positive development that more companies will be opening their doors to offer affordable and high-quality mobile phone plans and services.