- According to Counterpoint’s India Market Outlook, cumulative 5G smartphone shipments will cross the 100-million mark in Q2 2023 and exceed 4G shipments by the end of 2023.
- The study found 5G has been a driving force and will continue to push smartphone demand in 2023.
- India’s smartphone shipments will likely witness a yearly decline in 2022 due to macroeconomic factors affecting consumer demand in the entry and budget segments.
- India’s 5G smartphone shipments will likely grow 81% year-on-year in 2022, driven by their expanding presence in lower price bands (<INR 20,000 or ~$244) and the launch of 5G networks in the latter half of the year.
- The availability of cheaper 5G chipsets from Qualcomm Inc (NASDAQ:QCOM) and Media Tek Inc (OTC:MDTKF) has enabled OEMs to launch more 5G devices in the lower price segment. At the same time, the commercial launch of 5G services also drove demand.
- India’s telecom leader Reliance collaborated with Alphabet Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Google to launch a budget 5G smartphone.
- The Indian government aimed to push Apple Inc (NASDAQ:AAPL) and Samsung Electronics Co, Ltd (OTC:SSNLF) to prioritize software upgrades to support 5G in the country.
- However, the component supply crisis, inflation, geopolitical conflicts, and other macroeconomic issues affected the growth by delaying 5G device launches in the budget segment.
- Though OEMs have brought more 5G devices for lower price bands, they dropped or downgraded vital features to reduce the impact of higher component costs.
- The feature downgrade affected the consumer demand for 5G within this price tier.
- The limited availability of 5G networks has also impacted the demand.
- Counterpoint expects these constraints to ease by the end of 2023, leading to the mass adoption of 5G.
- Better availability of networks in significant areas will also facilitate 5G smartphone growth in 2023, which is estimated to be 62% Y/Y.
- Price Action: GOOG shares traded lower by 0.51% at $88.50 in the premarket on the last check Friday.
- Photo By Marco Verch Via Flickr
Jefferies Downgrades Red Robin Gourmet Burgers to Hold, Lowers Price Target to $7.5
Jefferies analyst Andy Barish downgrades Red Robin Gourmet Burgers (NASDAQ:RRGB) from Buy to Hold and lowers the price target from $12.5 to $7.5.
