Highlights
- HMD Global leads in market share by value in feature phones.
- Secured 30.7% market share by value, an increase of 4.2 percent from Q2 FY23.
- Holds 22.4% market share by volume, up by 2.3 percent compared to the previous quarter.
- Strategic initiatives like UPI integration and hero model refresh contribute to success.
HMD Global, known for Nokia phones, has achieved a leading position in the feature phone market, as detailed in the IDC Q3 2023 report.
The company now holds the top spot in market share by value and the second position by volume.
According to the IDC report, HMD Global’s market share by value stands at 30.7 percent , showing a growth of 4.2 percent from Q2 FY23.
In terms of volume, the brand secures 22.4 percent of the market, an increase of 2.3 percent compared to the previous quarter.
Several strategic actions have contributed to HMD Global’s performance in the market. Notably, the integration of UPI (Unified Payments Interface) in Nokia feature phones has been a significant step.
This integration has increased the utility of these phones, enabling users to perform digital transactions conveniently and securely.
Another factor contributing to HMD’s success is the refresh of its hero models.
Models like Nokia 105 2022, Nokia 110, Nokia 110 4G, Nokia 225 4G, Nokia Xpress Music, Nokia 5710 Xpress Audio with TWS, and Nokia 2660 Flip were reintroduced with updated specifications.
These updates focused on new design elements, vibrant colors, and larger battery capacities, aligning with consumer preferences and ensuring a reliable user experience.
HMD has also emphasized user-centric design and features, making their feature phones more accessible and enjoyable for a broad range of users.
This focus on creating a user-friendly experience has been crucial in solidifying the brand’s market position.
FAQs
What recent achievement has HMD Global made in the feature phone market?
HMD Global has secured the top position in market share by value in the feature phone market, as reported in the IDC Q3 2023 report. This accomplishment highlights the company’s strong performance and consumer appeal in this segment.
How much market share has HMD Global gained in Q3 2023?
In Q3 2023, HMD Global achieved a 30.7% market share by value, marking a 4.2% increase from Q2 FY23. In terms of volume, the company holds a 22.4% market share, reflecting a growth of 2.3% from the previous quarter.
What strategies contributed to HMD Global’s market success?
HMD Global’s success is attributed to several strategies, including the integration of UPI in Nokia feature phones and the refresh of its hero models with improved specs and design. These initiatives enhanced the phones’ utility and aligned with consumer preferences.