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Samsung expects to grow by 24% in over Rs 30,000 smartphone segment

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The company has priced two models of Galaxy A35 5G for Rs 27,999 and Rs 30,999 apiece and three variants of Galaxy A55 5G in Rs 36,999-Rs 42,999 a piece range

New Delhi: Smart device maker Samsung expects to grow by over 24% in the Rs 30,000-50,000 smartphone segment this year, mainly due to a premiumisation trend supported by finance option, a senior company official said on Thursday.

While announcing the launch of Galaxy A55 and Galaxy A35 premium segment smartphones, Samsung India VP MX Business Aditya Babbar said the 5G and premiumisation are driving the growth of the segment, and both devices fall into these domains.

“The Rs 30,000-50,000 smartphone segment is the fastest growing segment in value terms. Analysts expect this segment to grow by about 24% in volume term this year. We expect to grow ahead of the market,” Babbar told PTI.

Samsung led the Indian smartphone market in 2023, with an 18% market share, according to Counterpoint Research.

The company has priced two models of Galaxy A35 5G for Rs 27,999 and Rs 30,999 apiece and three variants of Galaxy A55 5G in Rs 36,999-Rs 42,999 apiece range.

Babbar said that Samsung has been the leader in the premium segment of smartphones priced between Rs 30,000-50,000, and the new devices are expected to consolidate its position in the vertical.

“We have come up with a 3D strategy, which is democratisation of features, democratisation of affordability and democratisation of experience. We have brought metal into the frame, IP67 (which means they can withstand up to 30 minutes in 1 meter of freshwater), Gorilla Glass Victus plus protection on the front and back, Samsung Knox Vault security,” Babbar said.

According to Counterpoint Research, India’s smartphone market grew 25% year-on-year in the December 2023 quarter after declining for a year.

The market research firm has projected that India’s smartphone market will grow by 5% next year driven by premiumisation, diffusion of 5G in lower price bands and better macroeconomic conditions.

In 2023, the premium segment witnessed a 64% year-on-year growth in 2023 due to easy financing schemes, which resulted in consumers jumping to purchase higher-priced smartphones.

Babbar said that besides Samsung Finance Plus, the company has partnered with Bajaj Finance and other NBFC partners to support the purchase of Galaxy A55 at monthly instalments starting at Rs 1,792.

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