NEW DELHI: In an intensively competitive market of smartphones, India’s leading handset maker Micromax is eyeing to enter the China market by next year as part of its plans to become the World’s 5th largest smartphone manufacturer.
Micromax is currently the second largest mobile vendor in India after Samsung, which is also the World’s leading smartphone manufacturer. A top executive from Micromax said that the company may raise funds through public listing or strategically align with a partner to finance the manufacturing units in China.
Speaking to the media, Mr Vikas Jain, co-founder of the Micromax Informatics said “We have discussed on the matter a few days back and are of an opinion that we cannot be among the top five global players unless we enter the largest market in the world”.
He added that his company will not fear entering the largest market as it has already faced a much higher competition in the second largest market, India.
The co-founder of Micromax made the above comments at Rise Conference, in Hong Kong. Statistically, the China market has nearly 800 million smartphones in circulation and accounts for 31% of the global volume as reported by the Economic Times. Hence, to be a player in the China market as an outsider is not an easy task as the country is already flooded with loads of smartphones, comparably cheaper than an ordinary smartphone.
Micromax, which has recently entered a few international markets such as Russia – will face strong competition in the names of Vivo, Oppo, Xiaomi and other Chinese mobile manufacturers once it enters the China market.