Poco Emerges as Fastest Growing Smartphone Brand in India
Key Highlights :
Poco, a Xiaomi sub-brand, has emerged as the fastest-growing smartphone brand in India, registering a whopping 68% year-on-year growth in the first quarter of 2023, according to market intelligence firm Canalys. The smartphone maker made the announcement on Twitter and thanked its customers for their trust in the brand.
The Indian smartphone market has had a tough start to 2023, witnessing the first-ever Q1 shipment decline of 20 per cent year-on-year. The market is witnessing uneven demand woes and channels remain vulnerable to stock build-up. However, Poco was the only handset maker to register growth in online sales channels. The launch of three models in Poco's C-series under Rs 10,000 and X5 Pro in the price range of Rs 20,000-25,0000 price segment fuelled the company's growth in the first quarter of 2023.
According to Himanshu Tandon, Country Head of Poco India, the first quarter has been on track with 68 per cent growth, and preliminary numbers for the second quarter are even higher than the first quarter. The company has also implemented several initiatives, a consumer-focused approach and dedication to delivering exceptional value products, resulting in an impressive 60 per cent repeat purchase rate among its loyal customer base. Poco India also introduced enticing loyalty programs that have received great traction amongst youth, establishing strong brand loyalty.
Samsung remained in the top spot in Q1 with a 21 per cent market share, shipping 6.3 million devices, followed by Oppo which overtook Vivo and Xiaomi to reach second spot with 5.5 million device shipments.
“The Indian market faces early-year struggles but vendors keep fueling the market as they remain bullish on long-term prospects,” Sanyam Chaurasia, Analyst at Canalys, said in a statement. “Just as the economic indicators toward the end of Q4 2022 clearly suggested that demand would remain sluggish in the short term, it was witnessed so in Q1 2023. Despite this challenge, investments from major brands are pouring in as they align with the government's vision and changing consumer behaviour. They are focusing on optimizing retail, manufacturing, local sourcing, and R&D to secure their long-term position in the market.”
Poco's success in the Indian market is a testament to the company's commitment to offering quality products and services to its customers. With its focus on delivering value for money products, Poco is set to continue its growth trajectory in the coming quarters.
