Samsung logs over Rs 600 crore in foldable sales, to ramp up 5G launches ahead of network debut
NEW DELHI: Korean phone major Samsung said on Wednesday that it expects revenue of its 5G smartphones range to grow multi-fold on strong demand just as it logged in over Rs 600 crore in sales for its new-generation foldable series in 12 hours.
Raju Pullan, the head of Samsung Mobile phones in India, said that demand for 5G smartphones has been growing rapidly as the country prepares to launch the high-speed networks over the coming weeks.
The company currently has 19 5G devices in its smartphone portfolio (out of a total of 29 models), and now plans to launch new smartphones in the category in line with the market trend.
“We see that the adoption of 5G devices will only get stronger as we move ahead… Samsung currently has the largest portfolio of 5G devices, and our launches in this space will continue as people move to future-proof their phones,” Pullan told TOI.
The government recently wrapped up the auction of 5G mobile airwaves and companies are planning to launch the network – that promise a minimum speed of 100 MBPS – from around October this year, looking to cover top metros and cities over the next six months post the rollout.
Jio, Airtel and Vodafone Idea are also working on aggressive network launch plans with strong consumer incentives to enable an early adoption of 5G services.
Prabhu Ram, Head of Industry Intelligence Group at CyberMedia Research, said that since 2020, around 54 million 5G-capable smartphones have been shipped in the country. “By end-2023, we anticipate 5G shipments to hover around 95 million units.”
Analysts forecast that with rapid adoption, prices of 5G smartphones will come down to around Rs 10,000, against the current threshold of about Rs 15,000.
Pullan said that the fledgling foldable phones category is also witnessing a healthy demand, as data and video consumption remain strong. “We expect a 50% growth in sales of our foldable portfolio with the launch of the Galaxy Z Fold4 device and the Flip4.”
Other companies are also likely to introduce foldable devices in the country as networks become faster and data consumption continues to be robust.