The President of Xiaomi India, Muralikrishnan B, anticipates a promising year ahead for the smartphone industry in 2024. Citing the accelerating economic growth, positive consumer sentiments, and the increased adoption of 5G devices, Muralikrishnan expressed optimism about the year ahead.
Describing India as a diverse market, Muralikrishnan emphasized the potential for offering compelling 5G products across various price segments.
“As we step into 2024, the broader economic landscape appears more optimistic and vibrant. India’s economy ranks among the fastest-growing globally. Consumer confidence is on the rise. Looking ahead to 2024-2025 and beyond, the outlook seems very encouraging,” stated Muralikrishnan during a briefing session.
These favorable conditions are likely to translate into increased consumer spending for companies in the consumer tech domain.
“The expanding middle class, with substantial purchasing power, continues to grow in India, primarily fueled by technological advancements that enhance productivity. This holds significant implications for consumer tech firms and smartphone manufacturers like Xiaomi,” Muralikrishnan explained.
Acknowledging the challenges faced by the market in 2022 and the stagnant volume growth witnessed in 2023, Muralikrishnan highlighted the positive projections for 2024 put forward by analysts. He anticipated a single-digit percentage growth in volume accompanied by a rise in average price points, contributing to overall market growth.
Muralikrishnan pointed out that the proliferation of affordable 5G offerings will be a significant driver in the market. The increasing affordability aligns well with the consumer demand to upgrade to newer 5G devices. As per his insights, 2024 seems poised to be an exceptionally promising year for the smartphone industry.