According to Forbes, Samsung is redefining the worlds of TVs, smartphones, wearable devices, tablets, digital appliances, network systems, and memory, system LSI, foundry and LED solutions in the world.
Samsung (OTC: SSNLF) plans to manufacture its newest foldable smartphones, the Galaxy Z Flip5 and Galaxy Z Fold5, in its factory in northern India, according to Samsung Southwest Asia CEO, JB Park. He said the move was part of the company’s strategy to tap into the growing Indian premium smartphone market.
What Happened: “Samsung is the fastest-growing premium smartphone brand in India, with more Indians showing interest in upgrading to high-end devices,” said Park. He stated that the new foldable phones have feature improvements like a faster processor, sleeker and lighter design, and brighter display.
To appeal to cost-conscious buyers in India, including those in rural areas, Samsung is offering special deals like upgrade bonuses, interest-free payment plans, and cashback from banks. The company is expanding its retail presence by 30-40% compared to last year, opening 10,000 stores with dedicated experience centers.
The Korean phone giant also happens to be following arch-rivals Apple Inc (NASDAQ: AAPL) which also plans on making its upcoming flagship iPhones in India.
The World Economic Forum says that by 2030, India will have more than one billion internet users, nearly all going online primarily through mobile phones.
Statista, in its research in India reported that in 2023, the penetration rate of smartphone in India reached 71 percent and was estimated to reach 96 percent in 2040. In 2022, the volume of smartphone shipments across India was around 144.3 million.
Why it matters: Aditya Babbar, Senior Director of Mobile Business at Samsung India, told the Economic Times that demand for foldable phones is growing faster in rural than urban areas due to attractive affordability and financing plans. “There is uptake of the Flip phone even in small towns like Churu in Rajasthan,” said Aditya.
Produced in association with Benzinga
Edited by Priscilla Jepchumba and Judy J. Rotich