Realme's founder and CEO, Sky Li, expects a further rise in numbers as the market rebounds this year from the slump witnessed in 2023
The company is also planning to begin manufacturing wearables locally
Realme has captured market share by introducing smartphones in the sub- INR 10,000 category
Chinese electronics giant Realme is reportedly planning to start manufacturing wearables in the Indian market and also expand its production of 5G devices locally.
Realme, the second largest smartphone brand in India, has crossed smartphone sales of over 100 Mn mark in the market since its entry in 2018.
Anticipating a further increase in numbers, Realme’s founder and CEO, Sky Li, told Mint that he expects a further rise in numbers as the market rebounds this year from the slump witnessed in 2023.
Realme is also planning to begin manufacturing wearables locally, besides expanding its existing capacity to also cater to export demands, Sky told Mint.
“We have seen a remarkable 51% quarter-on-quarter growth in Q2 2023. Realme has crossed the milestone of 100 Mn shipments in India and will be expanding to 100 markets. Realme is committed to strengthening its export plan, facilitating distribution of its diverse product line to markets worldwide,” Sky added.
The recovery in the Indian market is expected to drive increased sales of affordable 5G devices, with consumers opting for premium devices through value-based offerings and finance schemes.
According to a Canalys report, Realme secured a position in the top five by shipping 5.8 Mn units in Q3 2023. It also gained market traction, especially through online channels, with its 11x 5G and 11 5G models.
As per an open letter by Sky, Realme, surpassed 200 Mn global smartphone shipments. After reaching the 100 Mn sales milestone in 2021, Realme has defied challenges, securing its place as the fifth-fastest brand to achieve the 200 Mn shipment milestone.
Sharing his global plans for 2024, Sky said, “2024 will be our year of rebranding.”
As per Mint, Realme has captured market share by introducing smartphones in the sub- INR 10,000 category, where fewer players are operating. Additionally, the company has expanded its presence by launching 5G smartphones priced under INR 15,000.
Realme, according to Sky Li, will expand local manufacturing for smartphones and smart TVs in India to support the Make in India initiative. Currently, 60-70% of phone components are locally sourced, and the company plans to extend this approach to include manufacturing wearable devices in India.
This development coincides with the current regulatory scrutiny faced by Chinese companies in India. Various smartphone manufacturers, from Vivo to Oppo, are currently under investigation for alleged violations of anti-money laundering norms and tax evasion running into crores of rupees. Geopolitical tensions between New Delhi and Beijing have prompted Chinese companies, including Xiaomi, to withdraw from several investments over the past year.
Conversely, Indian authorities have actively attracted global manufacturing giants, including Apple and Google, from China through production-linked incentives (PLIs) to establish production units in the country.
Following this development, the Chinese electronics giant has reportedly decided to discontinue sales and production of smart televisions in India.
