Brand Retention | 82% of existing Lava users likely to purchase next smartphone from same brand: Report
The youth segment, expected to contribute 44 per cent of smartphone sales in 2024, is undergoing a transformative shift in brand preferences.
Lava International, a homegrown 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 shifts in the preferences of the youth segment and Lava has emerged as one of the top beneficiaries in 2024.
In 2024, Lava is projected to gain a 4 per cent 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.
"Youth acceptability of Lava and OnePlus to further increase their market shares in 2024 and beyond. Youth are expected to contribute 44 per cent of the total smartphone sales in 2024," the report said.
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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 per cent 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.
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