Realme is a China-based smartphone brand which is emerging to be reliable in the Indian market and has recently announced to be selling over 25 to 30 million smartphone units in India in 2021, claiming to grow sales in the Indian market by 30%.
The Chinese tech-major also manufactures audio products and wearable devices and suggests that India has a strong demand for its products. These confident claims are made by Madhav Sheth, CEO, Realme India.
The COVID-19 pandemic has definitely hit the business hard with losing over one-fourth of its sales, the smartphone maker rises back with a 25% increase in sales with 19 million smartphone units sold. CEO Sheth also mentioned in the statement that 2020 has been a phenomenal year for the company and it will continue to rise in 2021, according to a report by Business Today.
India is going through a digitisation phase which spiked high because of the COVID-19 induced lockdown. The Indian smartphone market, which always clocks somewhere at 17% year-on-year basis, jumped its figures with record shipments of over 54.3 million smartphone units in the last few months of 2020.
This report has been shared by IDC and mentioned in Business Today with Oppo holding 11.3%, Realme holing 14,7%, Vivo holding 16.7%, Samsung dominating second at 22.3% and Xiaomi leading the charts with the highest 25% share in the Indian smartphone market.
Several analysts and market players say that India has deep pockets when it comes to market depth and for any global company, India is an extremely relevant market. Realme India’s Sheth says something on similar lines where he mentions that being a global company, India is always going to be relevant and since its entrance in the Indian smartphone market, the company has expanded its operations to other markets as well. He further confirms that Realme is planning to expand into other relevant markets and in different geographies as well.
India even shows great potential for future tech which is AIOT (Artificial Intelligence-based Internet of Things) segment. Realme’s portfolio in AIOT products include earbuds, smartwatch, fitness bands and Smart TVs. India shows a lot of potential in this segment and as digitisation grows, global investors are turning their heads and eyeing towards these technology-based start-ups and products for funding.
Analysts assume that Realme will soon take over its competitors in the smartphone market segment considering its reputation in the Indian market for being a ‘value for money’ company. The company further claims to be a consumer-centric brand, offering value for money products.