TECNO is gearing up to secure a spot in the top five in India’s competitive smartphone market, with 24 new smartphone launches planned for 2024, according to a report by PTI. The company already holds a strong foothold in tier II and cities below it for its affordable and feature-loaded smartphones. Now, the Chinese smartphone maker is focusing on more premium products aimed in metro and urban areas.
Tecno Mobile India CEO Arijeet Talapatra told PTI that nearly 50 per cent of its upcoming smartphones for 2024 will be 5G-enabled. This makes sense given that 5G adoption is expected to grow in India and users are seeking more features, irrespective of price. Talapatra highlighted TECNO’s commitment to meeting these demands by introducing a wide range of cutting-edge smartphones.
TECNO’s Strategy to Capture Tier I Cities And Metros
TECNO currently ranks sixth in the Indian smartphone market. It intends to capitalise on its stronghold in tier II cities, while strategically growing its footprint in tier I cities and metros. The company’s average selling price has increased significantly, ranging from Rs 11,000-12,000 in January 2023 to an astonishing Rs 18,000-19,000 in December 2023. TECNO’s ambitious goal includes a significant increase in the Rs 15,000+ sector, with the aim to sell 1.5 million devices in 2024, up from 7.5 lakh in 2023.
Talapatra expressed confidence in TECNO’s capability to take advantage of this market trend by remaining committed to innovation and design. The launch of TECNO’s foldable lineup, boosted by the Phantom sub-brand, is expected to strengthen the company’s position in the competitive smartphone market.
TECNO’s Winning Formula
In a blogpost, Counterpoint Research’s Senior Analyst Yang Wang attributed TECNO’s success to its strategic positioning in emerging markets. In fact, data from Counterpoint Research showed that Tecno grew in the third quarter of 2023 by 62 per cent Year-on-Year (YoY), crossing 12 million shipments. The company’s emphasis on providing attractive devices in key nations, along with improving macroeconomic conditions, has proven to be a winning strategy, according to Wang.
Further, TECNO’s foray into foldable smartphones is a step towards gaining a position among global flagship lineups. The PHANTOM V Fold debuted at MWC in February 2023 and has helped TECNO become the “9th brand globally for cumulative foldable smartphone sales,” notes Counterpoint.
