Kolkata: Cellphone brand Lava is eyeing a 10% market share in the sub-Rs 30,000 smartphone market. The company, which currently holds a 2% market share, is growing at a compound annual growth rate (CAGR) of 40%-50%, while the overall industry growth remains flat.
Lava's Growth Strategy
Speaking at an event, Lava International Managing Director Sunil Raina stated that the company commands a 29% market share in the feature phone segment. In the smartphone category, Lava made a re-entry four years ago and has been steadily expanding its presence.
India's smartphone market currently stands at 150 million units annually, with 70% of sales falling in the sub-Rs 30,000 price bracket. Raina noted, "The market is flat and not growing. We are confident of gaining market share in the smart category."
Market Dynamics
Despite the stagnant overall market, Lava's aggressive growth trajectory positions it to capture a larger slice of the affordable smartphone segment. The company's focus on value-for-money devices and local manufacturing has been key to its expansion.
Stay updated with the latest Kolkata news. Download the TOI App.
