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This premium smartphone brand is exiting Indian market: 12 things to know
The onslaught of Chinese smartphone makers in the Indian market has claimed its first big victim. The Taiwanese premium smartphone brand HTC is exiting Indian market. The company, which has been struggling globally, for the past few months has decided to hang up on its India smartphone operations. As an executive told economic times, "As of now, it is quitting."
Here's all you need to know about this big exit from the Indian smartphone market ...
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HTC has asked its 70-80 member team to leave
HTC has reportedly told its 70-80 member India team to leave. It is also cutting down on all distribution agreements in the country. HTC halted all manufacturing plans in the country last year. Earlier this week, HTC's South Asia head Faisal Siddiqui, who was also looking after India business, resigned from the company after a stint of around 7 years. HTC's South Asia region includes India, Singapore, Malaysia, Indonesia, Thailand, Australia, New Zealand, Pakistan, Bangladesh and Sri Lanka. Sales head Vijay Balachandran and product head R Nayyar too have reportedly put in their papers.
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Will continue to invest in India in the right segment at the right time: HTC
In an emailed response to economic times, the Taiwanese company said that it will continue to invest in the country in the right segments and at the right time. "There are still more than ten employees in the India office providing full functionality," she said.
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HTC launched HTC Desire 12 and Desire 12+ in India last month
HTC launched two smartphone models in India last month, HTC Desire 12 and Desire 12+. The duo are priced at Rs 15,800 and Rs 19,790 respectively.
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HTC has less than 1% marketshare in India
HTC has less than 1% marketshare in the overall smartphone segment according to Counterpoint Research.
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HTC will continue to sell its Virtual Reality devices in India
The company is not exiting India market entirely. It will reportedly continue to sell its virtual reality (VR) devices online in the country. However, this will be a small operation.
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HTC struggling globally too, reported 68% sales slump last month
Smartphone maker HTC said its sales fell nearly 68% in June, its biggest slump in more than two years. The company is also cutting nearly a quarter of its global workforce, or 1,500 jobs.
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10 companies forecasted to exit Indian smartphone market in 2018
According to market research company Counterpoint, some 10 companies are likely to exit Indian smartphone market in the year 2018.
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Companies like Microsoft, Acer and Phicomm left the race earlier
Some signs of this trend started showing earlier when companies like Microsoft, Acer and Phicomm moved out of the race.
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Once termed "true disrupter", Chinese company LeEco exited Indian smartphone market in March 2017
Almost four months after Chinese billionaire Jia Yueting acknowledged his company LeEco was fast running out of cash, the company has sacked 85% of its India staff and including several at leadership levels. Industry executives attributed the exit to the financial crisis at the parent firm. The company's India sales also nose dived after demonetisation announced in November 2016.
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Top 5 smartphone companies hold almost 74% marketshare in India
According to IDC's quarterly mobile phone tracker, top five companies held almost 74% marketshare in India's smartphone market at the end of first quarter 2018. These include Xiaomi (30.3%), Samsung (25.1%), Oppo (7.4%), Vivo (6.7%) and Transsion (4.6%). The others held 25.9% marketshare.
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HTC devices are distributed in India by Optiemus Group company MPS Telecom and Link Telecom.
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