The Indian smartphone market has become a crucial lifeline for Samsung Electronics and Apple. The increasing purchasing power of the expanding middle class and the growing young population have driven up the demand for premium phones, including the Samsung Galaxy and Apple iPhone series.
According to a report from Samsung Electronics India Newsroom on July. 17., pre-orders for its sixth-generation foldable smartphones – Galaxy Z Fold6 and Galaxy Z Flip6, which began on July. 10, have surged by 40% compared to their predecessors. This marks the highest pre-sales volume for Samsung’s foldable phone series in India.
Samsung Electronics has set its sales targets for the new foldable models to be more than 10% higher than their predecessors. The strong performance in the Indian market suggests these targets will be easily surpassed. While pre-order deals are still ongoing in South Korea, the sales volumes are reported to be similar to those of previous models.
Raju Pullan, Senior Vice President of Samsung Electronics India’s MX Business, commented, “The success of the latest foldable models indicates that Indian consumers are quickly embracing new technologies. This success will help strengthen our leadership in the premium segment in India.”
Samsung Electronics will manufacture Galaxy Z Fold6 and Galaxy Z Flip6 at its Noida factory, with official sales in India commencing on July. 24. According to global market analyst firm Canalys, Samsung Electronics has maintained a top 1-2 ranking in India’s smartphone market since surpassing China’s Xiaomi in the fourth quarter of 2022.
The rise in sales of foldable phones, which are premium products, underscores the growing importance of the Indian market for the South Korean tech giant. Indeed, Lee Jae-yong, Executive Chairman of Samsung Electronics, recently emphasized this by visiting local business sites and encouraging employees during a 3-night, 4-day business trip to India.
Apple has also seen recent success in the Indian market. Bloomberg reports that Apple’s revenue in India reached $6 billion (approximately 8.28 trillion won) from March last year to March this year, a 33% increase from the previous year. High-priced iPhones accounted for half of Apple’s sales.
Apple’s significant revenue growth in India is part of its strategy to diversify markets and reduce dependence on Chinese sales. Despite Apple’s market share in the Indian smartphone market being only 3.5% last year, the company plans to expand its share through its premium image and localized strategies.
Bloomberg analyzed, “The increase in revenue in India shows that Apple’s efforts to secure users in the world’s most populous country are steadily progressing. As the economy expands, consumers are gradually gaining more purchasing power.” Furthermore, Bloomberg predicted, “Given that India’s middle class, which views Apple products as a status symbol, is steadily expanding, continuous growth is expected in the future.”
India, with a population of 1.4 billion, has 1.1 billion wireless communication subscribers, making it the world’s second-largest mobile communication market after China. Market research firm Counterpoint reports that India’s smartphone shipments last year totaled approximately 152 million units. With a high proportion of young people, smartphone demand is expected to continue rising. Unlike China, which is experiencing an aging society, over 40% of India’s population is under the age of 25.
