Chinese smartphone brand Meizu is the latest among domestic firms to set foot in the Indian market, according to a press briefing in New Delhi on Aug. 26.
In a Caixin Weekly report, the move was driven by the increase in sales for branded smartphones in the said market, according to the firm's senior marketing director, Hua Hailiang.
Hua recently made a trip to India's Karol Bagh area, the sales center for handsets in New Delhi. The hub is filled with small-sized outlets selling smartphones from around the globe.
A Chinese smartphone maker executive remarked that "India's smartphone market is just like China's four to five years ago--full of chances and gold everywhere."
For the recent years, Karol Bagh has witnessed a surge in the demand for smartphones, with branded gadgets rapidly expanding their presence in the Indian market.
Market research firm Gartner revealed that as of last year, India had around 610 million mobile phone users from its 1.2 billion populace. The number of smartphone users reached 115 million.
Anshul Gupta, an analyst at the firm, projected that the local smartphone market of India can grow at an annual compound rate of 40 percent for the next two years.
The lucrative scenario in the Indian market has lured several Chinese brands to enter, which include Lenovo, Huawei, Xiaomi, Vivo and Meizu, being the latest firm to join.
Nonetheless, Chinese brands are facing tough competition with other global brands. As a countermeasure, some have hired locally to manage their operations in India.