Indian telecom market witnesses 36% surge in offline retail value

Indian telecom market witnesses 36% growth in offline retail in 2022: Report predicts stable growth in 2023 India’s domestic telecom market saw a 36% value growth in offline retail in 2022, with a double-digit revenue growth in the same period over the previous year in smartphones, core wearables, and TWS mobile headsets, according to a report by GfK.

While the global telecom market faced a 9.7% decline in revenue in 2022 compared to the previous year, India saw a silver lining with its growth in the market. The report predicts stable growth for the domestic telecom market in 2023, driven by premium handsets, 5G, and wearable devices.

The shift in consumer needs and changing lifestyles is driving the adoption of smart devices in Tier 3 and below towns, contributing to 50% of smartphone sales unit in 2022, while for wearables, it contributed to 21%. The average selling price (ASP) of smartphones was Rs 17,032, which was a 17% growth over 2021.

The revenue contribution of 5G models moved to 44% in 2022, while wearables grew by 127% in terms of value over the previous year in offline retail.