Ultra-premium buzz: Indian demand for phones priced over Rs 1 lakh doubles

According to retailers, the penetration of EMI schemes in smaller towns in the country has led to a higher demand for these phones

The demand for smartphones priced above Rs 1 lakh has doubled in the past year in India, according to a report by The Economic Times published on Wednesday. Leading this high-end market are Apple and Samsung, while recently, several Chinese brands like Oppo, OnePlus, and Tecno have also introduced phones in this price range.

Interestingly, the demand for the newly launched iPhone 15 series has doubled in India and is currently sold out.

The report, citing retailers, highlighted that the penetration of equated monthly instalment (EMI) schemes in smaller towns has contributed to higher demand for these premium devices. Consumers are increasingly opting for features such as flip and fold mechanisms.

 

The article also noted that a few hundred pre-booked iPhone 15 Pro series phones have yet to be delivered. The waiting period for this series on Apple's official website currently stands at three to four weeks.

Also Read: Sale of Apple iPhone 15 sees 100% growth versus iPhone 14's on Day 1

Samsung has also experienced increased demand for its ultra-premium phones compared to last year. According to the report, its Flip 5 and Fold 5 models have garnered around 150,000 pre-bookings, which is 50 per cent higher than the 100,000 units pre-booked for its previous generation models last year. These phones have been priced up to Rs 1.84 lakh.

Data released by Counterpoint Research on Tuesday indicated that premium smartphones now account for 17 per cent of the overall market, with phones priced above Rs 1 lakh holding an 8 per cent share.

The Economic Times quoted Tarun Pathak, director at Counterpoint Technology Market Research, as stating that the market share of ultra-premium handsets is set to reach "record highs," growing 1.4 times faster than last year. "These handsets are further driving the trend of premiumisation," he said, "and will push the average selling price of smartphones in India to around Rs 22,000, up from Rs 20,000 last year."