Realme To Expand Local Production Of 5G Device, Wearables
In the year Since entering the Indian market in 2018, Realme has crossed the 100 million smartphone sales mark in the Indian market and is expected to grow further in 2023 as the market recovers from the recession, said Sky Li, founder and CEO of China Group. Business. During the email interview.
Realme, India's second largest smartphone brand, is planning to start local manufacturing of products for export while expanding its existing capacity.
“We recorded an impressive 51% quarter-on-quarter growth in Q2 2023. Our continuous efforts and new offerings have helped us secure the second position among the top 10 smartphone brands. Additionally, within five years of its inception, Realme will cross 100 million shipments in India and expand to 100 markets. Realme aims to strengthen its export plan and promote its diversified product range in international markets.
"This proactive approach reflects Realme's commitment to exceeding the expectations of consumers around the world," Lee said.
The recovery in the Indian market will boost sales of affordable 5G devices as consumers continue to buy premium devices with attractive discounts and financing programs. Despite uncertainties such as global economic conditions and continued inflation, we expect Indian consumers to remain positive about higher premiums.
Realme strengthened its market share by introducing the ₹ 10,000 smartphone category, which has smaller players. The company has also launched 5G smartphones priced under £ 15,000. "The company is committed to democratize 5G technology in India and recognizes that 5G products are the people's choice. We are working to make them accessible to all."
"Our strategies are aimed at overcoming financial barriers and making our products accessible to more consumers," he said.
Lee said Realme will expand its domestic manufacturing capacity to produce smartphones and smart TVs in India to support the Centre's India Makeover initiative. Currently, 60 to 70% of phone parts are produced in the country. "We plan to extend this approach to wearable device development in India. Our reliance on local manufacturing, job creation and market growth demonstrates strategic alignment with India's economic objectives."
Lee said the company has created more than 13,000 jobs in India, including in manufacturing.
The smartphone maker, which sells 8 million smartphones through offline channels, is also expected to expand its retail channels this year. In addition to new models, it brings new technologies that can be used to build new partnerships. “By 2024, we will be working with more than 33 global technology partners to develop innovative, breakthrough technologies together. Our investment in research and development will increase by 470%, and the increase in the size of our research workforce will be more than 400%. »
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Published: Jan 12, 2024 11:29 pm IST