TECNO eyes 7% market share in 2023, aims to be among top 5 next year

In the first half of 2023, Tecno changed the gears with a focus on the mid to high segment

Tecno Pova 4

Tecno Pova 4 (Representative Image)

Press Trust of India New Delhi

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Mobile devices maker TECNO plans to corner a 7 per cent market share in the Indian smartphone market by the end of this year and be among the top five players next year, a senior company official said on Friday.
TECNO Mobile, which is owned by China-based Transsion, earlier focussed on affordable and medium-range smartphones but it has now entered into premium and ultra-premium segment this year which has been a high growth segment across the industry.
"We are looking to close a 7 per cent market share by the closing of this year and we aim to feature in top 5 players by the next year. We will strengthen our portfolio in the price range of Rs 6,000 to Rs 1 lakh with a product for everyone," TECNO Mobile India CEO Arijeet Talapatra said.
He was speaking on the sidelines of the company's annual event, 'World of TECNOlogy' after unveiling the POVA 5 series and MEGABOOK laptop on its inaugural day.
"POVA is the online exclusive sub-brand of Tecno which is targeted toward the digital natives," Talapatra said.
In the first half of 2023, Tecno changed the gears with a focus on the mid to high segment.
"Over the past six years, TECNO has made its presence felt across India. Exemplifying excellent quality, exquisite appearance and powerful performance, our product portfolio has been acclaimed by more than 20 million consumers. We place great importance on local manufacturing, R&D and talent acquisition for delivering best-in-class indigenous solutions such as the first Made-in-India foldable smartphone," Talapatra said.
The company started making its first-generation foldable smartphone also in India from this year.
According to Counterpoint Research, the premium segment was the only segment that grew during the second quarter of 2023 globally and more than one out of five smartphones sold during the quarter belonged to the premium segment.
"First half saw phenomenal growth in this category and the growth can be attributed to the launch of Phantom X2 series, Phantom V Fold and the Camon 20 series. In the first, TECNO recorded 240 per cent year-over-year growth in above Rs 15,000 segment and 216 per cent quarter on quarter growth between March 2023 and June 2023 quarters," Talapatra said.
TECNO plans to launch over 20 smartphones this year out of which half of them will be 5G devices.
"In the second half of this year, the recently launched Camon 20 series would see two new variants- Camon 20 pro doodle edition and the artistic green color. The sub- Rs 10,000 category will also see a new design focus innovation for the Spark 10 pro with the moon explorer edition," Talapatra said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 11 2023 | 10:08 PM IST

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