In 2021, the smart devices are expected to generate a revenue of $54 billion in India
Smart devices are estimated to generate more revenue than smartphones for smartphone OEMs, as per a report by research firm Techarc.
The report said, “Smartphone is still the ‘hero’ smart device. However, its innovations are mostly perceived incremental and its innovations do not get a ‘wow’ from customers anymore.”
The report added that revenue contributions from smartphones in 2021 are expected to be a little over 70 per cent for the smartphone OEMs in India while rest comes from other smart devices in their product portfolio.
By 2023, this is expected to further reduce to 60 per cent and by 2025, smartphones would contribute half of the revenues for these OEMs.
In 2021, the smart devices are expected to generate a revenue of $54 billion in India.
“Smartphone OEMs have taken a proactive stance to evolve as the Smart Tech-Style partners of consumers. Though initially, in many instances it appeared as a push from some of these brands which introduced smart devices at an early stage, the consumers have welcomed the shift and embraced these brands in other categories as well,” it added.
In recent years, the industry has seen smartphone makers like Xiaomi, Samsung, Oppo, Vivo, Realme, OnePlus, and others expanding their portfolio with the launch of smart TVs, smartwatches, true wireless (TWS) earbuds, and more.
“As such, brands who worked on building and nurturing communities and earned emotional equity got well-positioned as the smart tech-style partners. Xiaomi, Realme, and OnePlus are a few examples that saw success through this community-led approach,” Techarc said.
Out of 17 possible smart devices and gadgets that are available in the market, Xiaomi offers 14 and leads over smartphone OEMs with the choice in the entire smart tech-style portfolio.
It is followed by smartphone incumbent Samsung with 12 smart tech-style offerings.
Among the youngest smartphone brands, Realme has evolved as another smart tech-style brand in the affordable segment and is offering 11 devices and gadgets.
Motorola and Lenovo, in fourth and fifth positions, offer 10 and 9 smart devices, respectively.
