Delhi, India: As a result of the country's expansion of high-speed telecom networks, Samsung anticipates that 5G devices will account for nearly 75% of its smartphone sales in India.
Sales are expected to increase by more than 20% this year, faster than they did in 2022, according to the company, which faces competition from leading Chinese manufacturers like Xiaomi and Vivo and traditional rival Apple in the United States. This despite the general industry's slowdown as a result of decreased demand and economic uncertainty.
According to Raju Pullan, senior vice president in charge of Samsung's India mobile phones business, Raju Pullan stated to TOI, "We are starting early with our 5G launches for this year, and are confident to grow stronger than we did last year."
Canalys, an analyst firm, reported that in the fourth quarter of 2022, the company's volumes surpassed those of the local smartphone market. In addition to benefiting from finance partnerships through its "Samsung Finance" consumer platform, it intends to strengthen investments in newer devices.
Through the Samsung Finance platform, we are keeping track of nearly 4 lakh transactions. Pullan stated that although it is estimated that financing accounts for 60% of device sales, Samsung Finance accounts for approximately 80%.
According to Pullan, Samsung plans to accelerate the release of 5G models in line with the general trend in the industry. As telecom companies Reliance Jio and Bharti Airtel expand their networks, competitors like Xiaomi and Vivo have also been rushing the release of 5G devices.
According to Pullan, negative factors like inflation and rising interest rates have not significantly affected consumer demand. In terms of demand, we have not experienced a great deal of pressure. We are hearing that sellouts will be much stronger this year than they were last year.