India's smartphone market logged its weakest start in five years, with sales dropping $500 million despite aggressive price increases. The first quarter of 2026 saw volumes decline 12% to 28 million units, while overall market value fell 6% to $7.8 billion. Geopolitical tensions and rising commodity costs have forced consumers to defer purchases as living expenses surge. Rising prices for fuel and cooking gas have made smartphone upgrades less of a priority for Indian buyers. Manufacturers attempted to offset volume losses through price hikes in February and March, yet demand remained subdued. This marks the first time in years that the market experienced simultaneous declines in both value and volumes at the calendar year start. The no-interest installment strategy that previously sustained high-value phone sales has faltered.
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