Tecno, a leading smartphone brand of the Transsion Group, is eyeing to be among the top five smartphone brands in the Indian smartphone market by 2024, a top company official said.
The company is betting on premiumisation and is focussing on metros to achieve its ambitious goal, he said.
“The Indian smartphone market is maturing, and consumers are demanding more premium features and experiences. We are planning to launch 24 new models in 2024, of which 50 percent will be 5G-enabled.” said Tecno Mobile India CEO Arijeet Talapatra.
The brand is traditionally strong in tier II and cities below it for its affordable and feature loaded smartphones.
Ranked sixth in the Indian smartphone market, Tecno has witnessed a significant shift towards premiumisation in recent times.
The company’s average selling price has increased from Rs. 11,000-12,000 in January 2023 to Rs. 18,000-19,000 in December 2023. It is targeting a major growth in the Rs. 15,000 plus segment, with plans to sell 1.5 million handsets in 2024 compared to 7.5 lakh in 2023, he said.
“We are well-positioned to capitalise on this trend with our strong focus on innovation and design. Tecno’s foldable range will bring further strength with the Phantom sub-brand,” he said on the sidelines of the launch of the mass segment phone Spark Go (2024).
The company’s premium smartphone portfolio includes the Phantom series, which features foldable smartphones. “5G is the future of smartphones, and we are committed to making it accessible to a wider range of consumers,” Talapatra said.
Currently 96-98 percent of industry in the Rs. 15,000 plus categories are 5G-enabled and 55 percent of its 10k-15k models are 5G-enabled.
The company’s focus on premiumisation, tier I cities and metros, coupled with its strong 5G portfolio is expected to propel it towards its goal of becoming a top five smartphone brand in India by 2024, he added.