India is poised for a major transformation in the smartphone industry, much like China a decade ago, according to Nothing Co-Founder and CEO Carl Pei. In a recent tweet, Pei highlighted the country’s potential for growth, fueled by the government's push for local manufacturing, a booming tech ecosystem, and an expanding consumer base.
"India today stands where China was a decade ago in the smartphone industry—on the verge of a major revolution. With the government's push for local manufacturing, a thriving tech ecosystem, and a rapidly expanding consumer base, India has all the ingredients to become a global smartphone powerhouse," Pei tweeted. He also noted the government's plans to develop Indian mobile brands, further strengthening the country's position in the global market.
Pei's remarks signal Nothing’s commitment to deepening its presence in India, which has become the brand’s largest market. He had previously expressed optimism about India’s role in the global smartphone landscape, particularly as China’s growth slows.
"Now that the China story is slowing down a lot, I am very bullish on India," Pei stated in an earlier interview, reinforcing his confidence in the region.
Nothing’s rapid growth in India underscores its strategic importance for the brand. In Q3 2024, the company recorded a staggering 510% year-over-year growth in shipments, making it the fastest-growing smartphone brand in the region. This achievement is particularly significant given that Chinese brands dominate approximately 80% of the market, with Samsung and Apple holding smaller shares.
Since its launch in 2021, Nothing has swiftly gained traction, with the release of its Phone (1) in 2022 marking a turning point for the brand. Pei’s latest comments reaffirm Nothing’s ambition to capitalize on India’s smartphone revolution, positioning itself at the forefront of the country’s tech evolution.