How Realme plans to capture India's smartphone market
What's the story
Realme, currently the fourth-largest smartphone brand in India, has unveiled ambitious plans to become the country's top brand and extend its reach into over 100 new markets within five years.
The company's CEO, Sky Li, disclosed these plans during an interview with Mint.
He emphasized that Realme, a sister brand of Vivo and OPPO, is targeting the mid-premium segment due to increasing demand for feature-rich smartphones at affordable prices.
Growth plan
Realme's strategy to increase market share
As of June 2024, Realme held a 12.5% share of the Indian smartphone market, lagging behind Xiaomi (18.9%), Samsung (18.8%), and Vivo (18.1%).
To boost its market share, the company plans to regularly introduce new products across various price segments.
Li stated that their strategy includes offering large memory options, improving product quality, integrating AI features across devices and offering a premium quotient at affordable prices.
Tech integration
Realme's AI+UI popularizer plan for future smartphones
Li revealed Realme's 'AI+UI popularizer' plan, under which all upcoming smartphones from the brand will be equipped with advanced AI capabilities.
The company anticipates a 'significant resurgence' in the Indian smartphone market due to increasing disposable incomes, expanding internet access, and a young and growing population.
Realme has already secured the top rank in the ₹20,000-30,000 segment on Flipkart in Q1 2024.
Market expansion
Realme eyes untapped potential in tier II and III towns
Li highlighted the increasing proliferation of smartphones in tier II and III towns as an exciting development.
"These regions are largely untapped and offer immense potential for growth," he said.
In response to India possibly allowing Chinese investments, Li said, "While we acknowledge the complexities of the global tech landscape, our strategy is rooted in fostering innovation and skill development.
"By leveraging global expertise and investing in local talent development, we are dedicated to enhancing the user experience," he said.
Information
Realme plans to enter 100 new markets by 2030
Realme, which has sold 200 million units worldwide to date, plans to enter 100 new markets in the next five years. This aggressive growth strategy is backed by its success in Southeast Asia and its growing presence in Europe.