Lava International, a local smartphone manufacturer, is expected to witness a substantial increase in its market share in 2024. According to a study conducted by TechArc, there have been significant changes in the preferences of the youth segment and Lava has become one of the main beneficiaries in 2024.
In 2024, Lava is expected to increase its market share by 4% 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.
« Young people’s acceptance of Lava and OnePlus will further increase their market shares in 2024 and beyond. Young people are expected to contribute 44% of total smartphone sales in 2024, » the report said.
The youth segment, expected to account for 44% of smartphone sales in 2024, is witnessing a transformative shift in brand preferences. Lava is poised to witness substantial growth in its market share, with the youth acceptability factor playing a crucial role in this trajectory.
The preferences of young consumers (up to 25 years) in India are changing, which is impacting the market shares of smartphone brands. The survey covering the opinions of over 3,500 young people 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.
