India has been the fastest growing mobile phone market in the world, overtaking the US in terms of smartphone penetration.
According to the research firm Gartner, India now has the most smartphones on the market and one of the biggest smartphone makers in the whole world.
India’s smartphone market has grown by 40% to 7.7 million smartphones in the last three years, up from 6.8 million in the previous three years.
That’s more than double the global smartphone market growth rate of just over 3% in the same period.
Gartner said in its latest global smartphone rankings, India’s mobile market has been expanding at a pace of around 35% per year since 2015, while the global market grew by 15% annually between 2015 and 2019.
According to Gartener, India has surpassed China as the fastest-growing smartphone market, growing at a rate of 36% annually from 2014 to 2019.
India’s growth has been driven by the growing popularity of its smartphones.
Accordingly, India continues to be one of India`s fastest-growth smartphone markets, with a growth rate that is about 12 times higher than the global growth rate.
Gross phone sales per million people grew from 3.0 in 2014 to 6.2 in 2019.
Gartners’ figures also show that India`ll be the world leader in smartphone penetration for years to come.
Accordingto Garteners research, India grew its smartphone penetration by 16% annually in the first three quarters of 2020.
This is more than triple the global mobile penetration growth rate in the space of the same time.
India has seen a huge rise in smartphone use, driven by its rapid growth in smartphone sales, especially in the wake of demonetisation and the demonetization of foreign currency.
According the report, India witnessed a 41% jump in smartphone shipments between January and April, with the total shipments growing by over 4.7% over the same month in 2019 and up by 10.3% in 2019 alone.