realme's disruptive growth: A fresh perspective on mid-premium smartphone landscape
The growth of the smartphone market in India is being driven by its youth. The country has witnessed a significant increase in technology usage, with the highest percentage of smartphone owners belonging to the 18-24 age group. As the demand for unique and engaging content reaches new heights, content creation is experiencing an all-time high.
image for illustrative purpose
New Delhi, Nov 30: The growth of the smartphone market in India is being driven by its youth. The country has witnessed a significant increase in technology usage, with the highest percentage of smartphone owners belonging to the 18-24 age group. As the demand for unique and engaging content reaches new heights, content creation is experiencing an all-time high.
India's youth are seizing this opportunity, leading to an unparalleled surge in content creators across the nation -- a trend that shows no signs of slowing down.
Beyond their role as essential tools for content creation, smartphones have become increasingly important due to the prevalence of remote work, online education, and their use for various tasks such as bill payments. This has spurred the demand for enhanced, powerful, and feature-rich smartphones.
Consumers are seeking devices that boast robust camera capabilities, long-lasting battery life, powerful performance, high storage capacity, and a crucial feature -- 5G enablement, all without breaking the bank.
The mid-range segment (Rs 30,000 - Rs 50,000) is rapidly gaining popularity as the most sought-after category in the Indian smartphone industry, providing customers with exceptional value for their money. It's no surprise that this segment has caught the attention of India's youth.
These smartphones now offer a plethora of features, such as high-quality cameras, image stabilization, AI enhancements, uninterrupted performance, and other features that were once exclusive to ultra-premium devices. The primary goal of a mid-range device is to deliver a premium feel and performance at a price significantly lower than the current flagship options available in the market.
The demand for this segment of smartphones is steadily growing. As per IDC, the segment saw a 37 per cent (year-over-year) growth during Q3-2023. This ongoing shift in consumer preferences has created significant opportunities for the industry, prompting smartphone manufacturers to revolutionise the mid-premium range by incorporating features and specifications that were previously exclusive to high-priced premium models.
realme, one such manufacturer concentrating on the mid-premium segment, has seen rapid growth and swiftly risen to become one of the fastest-growing smartphone brands in the country. In fact, during the second quarter of 2023, it became the fastest-growing smartphone brand in the $200 to $400 segment, as per IDC.
realme also secured the third spot in the Rs 20,000-30,000 price band among Indian smartphone brands in September 2023, as per Counterpoint Q3 2023 analysis. This consistent growth highlights realme's dedication to offering high-quality products while demonstrating its ability to adapt and cater to the ever-changing preferences and demands of its customer base.
The buzz surrounding the 5G spectrum in India is at an all-time high, with current developments only offering a glimpse of what's to come. Undoubtedly, 5G will be the revolutionary force driving rapid changes across various sectors in the coming years. Among the top trends to anticipate is the enhancement of gaming experiences through advanced technologies.
Additionally, many brands have begun reusing and recycling materials for their smartphones while making production more energy-efficient.
realme aims to become the first choice for young users worldwide within the next five years, driven by innovation, youth appeal, and cutting-edge products, including 5G. Its focus will be on pushing tech boundaries, youth-centric products, and industry-wide innovation, particularly in premium mid-range smartphones.
realme is dedicated to providing the best value, recognising the importance of accessibility, and nurturing their customer base in the mid to high-end segment over the next five years. The brand also plans to concentrate on bringing innovations to products in the Rs 30,000-50,000 price range while strengthening competitiveness in the Rs 60,000 price segment.
By staying in tune with the interests of the youth, realme aims to establish a strong emotional connection with its customers, fostering enduring loyalty and ensuring they remain at the cutting edge of technology advancements.
