The mid-range smartphone category in India is going through a growth phase. This segment in the country covers the phones selling in the range of ₹20,000-₹45,000. Therefore, earlier this week, Samsung announced its plans to conquer almost half of the mid-range smartphone market in the region.
A few days back, Samsung took wraps off five new Galaxy A series models for India. At the launch event in Bengaluru, Aditya Babbar, Senior Director and Marketing Head for Samsung India, revealed to the Deccan Herald (via SamMobile) that the South Korean electronics is hoping to capture 40% of the mid-range smartphone segment (₹20,000-₹45,000) in the country with the help of its new handsets.
According to Counterpoint Research, Samsung’s market share in India’s mid-range smartphone category stood at 28% in 2021. The company registered a growth of 87% YoY in this segment.
Since India is a price-sensitive market, brands have been pushing various financing options to attract consumers. Samsung introduced its own lending platform dubbed ‘Samsung Finance Plus’ three years ago. It is currently available in over 50,000 stores across India. Babbar disclosed that over 50% of this platform’s users are new to credit as they have never availed loans in their life.
The average selling price of smartphones in India increased in 2021 due to supply issues. At the same time, mid-range phones now offer more as well as diversified features targeting multiple audiences. This has resulted in the growth trajectory for the mid-range smartphone category in the region, and hence, every OEM wants a pie of it.
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