After registering a 72% growth in smartphone shipments in the first quarter, Poco, a sub-brand of Xiaomi, is looking to reach an annual smartphone shipment of ten million units in three years in India.
The Economic Times reported that at a product launch event in India, unveiling three variants of Poco F6, Poco India country head Himanshu Tandon said the brand aims to sell ten million mobile phones in three years.
Tandon said that the brand's rise to the number six position among top Android brands in India reflected its remarkable growth story. The company will not stop here, adding that with ten million shipment units, it will capture an 8-9% share of India's smartphone market.
Poco disclosed its strategy for the ten-million goal, saying it plans to strengthen its 5G portfolio with aggressive device launches.
According to IDC data, 34 million smartphones were shipped in India in the first quarter, up 11.5% from a year ago. Poco recorded a 72% shipment growth, making it to the top seven smartphone brands or the top six Android brands in India.
Poco sold 7.12 million smartphones in 2023. To reach ten million smartphone shipments, the brand must have a CAGR of slightly over 11% shipment growth for the next three years.
It remains to be seen whether Poco can maintain its explosive growth in a market that has seen a premiumization in recent years. Shilpi Jain, senior research analyst at Counterpoint, told Business Standard that despite some growth expectations in the INR10,000-30,000 price band (US$120-360), the majority of growth will come from the premium smartphones, adding that they anticipate more than 20% growth in the segment in 2024. According to India's e-commerce store 91Mobiles, most of Poco's smartphones are priced under INR30,000.
Source: IDC, May 2024
