India to log $7.6 bn smartphone sales

New Delhi: At a time when the global smartphone industry is facing component and chip shortages, the festive season in India is set to witness a record smartphone sales at $7.6 billion (nearly Rs 56,880 crore), with the retail average selling price (ASP) growing by 14 per cent to reach its highest ever at $230(a little over Rs 17,000), a new report showed on Thursday.

According to Counterpoint Research, the festive season is seeing higher trade-ins and aggressive EMIs that increase device affordability and help consumers bypass multiple price barriers. This has helped drive the sales of mid-to-high tier (more than $200) smartphone models and, subsequently, the overall ASP.

"We estimate that almost $7.6 billion worth of smartphones will be sold during the ongoing festive season.

This highest-ever number is coming at a time when the global smartphone industry is facing component shortages. As a result, OEMs have been forced to increase prices, which will have a higher impact on the mass market and budget segments," said senior analyst Prachir Singh.