Lava International emerging as a preferred Youth Brand, predicted to Increase Market Share in 2024
- Lava is projected to gain 4% market share
- 82% of the existing Lava users are likely to purchase their next smartphone from the same brand
New Delhi, 30th November 2023 – Lava International, a leading Indian player in the smartphone industry, is set to witness a substantial increase in its market share in 2024, according to a study conducted by TechArc. The study reveals significant shifts in the preferences of the youth segment, positioning Lava as one of the top beneficiaries in 2024.
In 2024, Lava is projected to gain a 4% increase in market share in the youth segment. Students, a vital sub-segment of the youth population, play a pivotal role in shaping brand preferences not only for themselves but also for their families.
Figure 1Youth acceptability of Lava and OnePlus to further increase their market shares in 2024 and beyond. Youth are expected to contribute 44% of the total smartphone sales in 2024 by TechArc
The youth segment, expected to contribute 44% of smartphone sales in 2024, is undergoing a transformative shift in brand preferences. Lava is poised to witness substantial growth in market share, with the youth acceptability factor playing a crucial role in this trajectory.
The preferences of young consumers (up to 25 years of age) in India are evolving, impacting the market shares of smartphone brands. The survey covering the views of over 3,500 youth across the country highlights that 82% of existing Lava users are likely to choose the brand for their next smartphone. Recent initiatives, including the introduction of youth-centric series such as Agni, Blaze and Yuva coupled with affordable 5G options, have contributed to Lava's positive image among the youth.
Lava International is well-positioned to capitalize on these evolving trends, with its commitment to innovation, youth-centric initiatives, and a growing positive image among consumers.
Please find the complete report here: https://techarc.net/youth-acceptability-of-lava-and-oneplus-to-further-increase-their-market-shares-in-2024-and-beyond-youth-are-expected-to-contribute-44-of-the-total-smartphone-sales-in-2024/
About Lava International Limited
#ProudlyIndian l Made in India, Made for India
Lava International Limited, headquartered in Noida, Uttar Pradesh, is a pioneering mobile handset and solutions company in India, founded in 2009 with the vision to empower individuals. The company's corporate office and manufacturing facility, equipped with a production capacity of 42.52 million handsets per annum, are strategically located in Noida. Lava's commitment to innovation is reflected in its two state-of-the-art research and development centres in Noida, housing dedicated teams in software and hardware design. The company's extensive nationwide presence is facilitated by a robust retail network of 1.65 Lakh retailers, directly served by over 1000 distributors, and supported by a vast after-sales service network of 800+ professionally managed service centres.
Beyond smartphones, Lava is expanding its product portfolio to include smartwatches, neckbands, Probuds, and an extended True Wireless Stereo (TWS) segment. The brand's credibility is underscored by being ranked the 'Most Trustworthy Brand' in the CMR Retail Sentiment Index.
