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India’s smartphone market revenue crossed $38 billion in 2021 with 27 percent (on-year) growth, as shipments grew 11 percent to reach 169 million units, a new report showed on Monday.

India’s smartphone market retail ASP (average selling price) grew 14 percent (on year) to reach its highest ever at $227 (nearly Rs 17,000), according to Counterpoint Research.

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“The price hikes in the budget segment due to component price rise, increasing focus of OEMs on the premium segment and increased demand for mid-range and premium smartphones due to increasing uses and availability of financing options contributed to the increasing ASP,” said research analyst Shilpi Jain.

Local manufacturing bounced back, contributing 98 percent of shipments in 2021, compared to 90 percent in 2020.

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“The PLI scheme has been a great booster for the Indian mobile manufacturing ecosystem, attracting top players like Apple and Samsung to increase their ‘Make in India’ footprint and make India their export hub. Therefore, handset exports saw 26 per cent YoY growth in 2021,” said Jain.

This resulted in the Indian smartphone market revenue crossing $38 billion in 2021, registering a growth of 27 percent (on-year).

However, the shipments declined 8 percent (on-year) in the December quarter due to supply issues plaguing the smartphone manufacturing ecosystem.

“The high replacement demand fuelled by increasing smartphone affordability in the mid- and high-price tiers due to promotions and discounts, as well as better financing options, led to an 11 per cent (YoY) growth in 2021,” said senior research analyst Prachir Singh.

The demand outstripped the supply in the last two quarters of 2021. During Q4 2021, the smartphone market declined 8 percent (on-year).

“We expect the supply situation to get better going forward and reach normalcy by the end of Q1 2022,” Singh added.

Apple was one of the fastest-growing brands in 2021 with 108 percent (YoY) growth in shipments.

It maintained its lead in the premium segment (over Rs 30,000) with a 44 percent share.

Aggressive offers during the festive season, strong demand for the iPhone 12 and iPhone 13, and increased ‘Make in India’ capabilities drove high growth.

“We expect strong momentum for Apple in 2022 as well with increased manufacturing and retail footprint,” the report said.

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