Smartphone maker Poco expects an upgrade from 4G to 5G handsets, coupled with a pricing and design strategy, to drive the company’s growth by 60 percent this year, a senior official at the company said. Himanshu Tandon, Country Head of Poco India, told PTI that the sub-Rs 10,000 smartphone segment is likely to be hit the hardest due to inflationary pressures and the devaluation of the rupee, and the industry is facing stiff competition in the Rs 20,000-30,000 handset segment will see.
“I think the area of growth for the market is basically the upgrade from 4G to 5G. People upgrading from 4G to 5G smartphones are one of the crucial factors that can basically help the entire smartphone industry to grow,” he said.
Tandon said that pocos The strategy in 2023 will be to keep a slim portfolio with a focus on smartphone performance and design at aggressive prices.
The company plans to launch its Poco X5 Pro 5G smartphone with built-in Qualcomm Snapdragon 778G processor next month in the Rs 20,000-25,000 price range.
“I think the sub-Rs 10,000 segment will be more affected due to inflationary pressures and the devaluation of the rupee. But at the same time, we see opportunities in the Rs 20,000-30,000 segment. It’s the segment where the real innovation is happening. We’re going to see a lot of competition in this price range this year,” said Tandon.
He said the company will also start selling smartphones through retail stores this year to boost sales.
“I think you’ll see over the next few weeks that we’re going to be venturing into the offline space. This year we are diversifying from online to offline. The industry could grow in the 5 to 10 percent range, but we have an ambitious target of growing around 60 percent. The 60 percent is the fundamental growth target that we are setting for 2023,” said Tandon.
The company will also increase annual production capacity in India by about 30 lakh smartphones this year, he said.
Poco currently has cell phones made by electronic contract manufacturers.
