Business

Bangladesh Smartphone Shipments Decline 23% YoY in 2022 on High Inflation

Published

2 years ago

February 20, 2023

Liza Farhana

Reading Time: 3 minutes

Bangladesh’s smartphone shipments declined 23% YoY in 2022 due to high inflation.
Deteriorating consumer demand and price hikes due to additional taxes also contributed to the decline.
Xiaomi became the No. 1 smartphone brand in Bangladesh for the first time in 2022, up from No. 6 in 2021.
Xiaomi captured an 18% market share in 2022 followed by Samsung with 13%.
Over 1 million 5G smartphones were shipped for the first time, with the 5G smartphone share rising to 17%.
Symphony led the overall handset market (including feature phones) in 2022 followed by itel.

Bangladesh’s smartphone shipments declined 23% YoY in 2022, according to the latest research from Counterpoint’s Market Monitor Service. The high inflation levels, macroeconomic crisis, disruption of the global supply chain, increased import duties and newly imposed value-added tax (VAT) all contributed to the decline. However, Xiaomi and Nokia HMD’s shipments increased significantly as they continued to focus on improving localization and pricing strategies to make smartphones affordable.

Commenting on the factors that affected the shipments in 2022, Research Analyst Akshay RS said, “The year started with weak consumer demand due to geopolitical uncertainties and rising inflation. An increase in import duties in the September-ended quarter combined with the application of value-added tax (VAT) in the December-ended quarter aggravated the situation and led to Bangladesh’s first double-digit smartphone shipment decline in seven years. At the same time, the opening of letters of credit for components became harder due to declining foreign currency reserves. This led to a reduction in the production of local handset manufacturers.”
Xiaomi reached its highest-ever shipments in 2022 to become the #1 smartphone brand for the first time. The brand almost doubled its volume in 2022 compared to 2021. Xiaomi’s Redmi smartphones in the budget price band (BDT 10,000-BDT 20,000 or around $100-$200), like the 10A, 10C and 10 (2022), drove volumes for the brand. Samsung slipped to the second spot with a market share of 13% in 2022. Weak smartphone imports due to spiraling import costs, reduced focus on the entry-level segment and fewer launches in the mid segment led to an overall decline. realme slipped to the third spot with an 11% market share due to increased competition in the entry- and mid-level price bands. However, promotions and strong marketing helped realme remain a strong competitor. vivo and OPPO were able to maintain their market shares in 2022 but declined YoY in terms of shipment volumes by 17% and 28% respectively.

Talking about the key buying factors in 2022, Research Analyst Akshay RS said, “The mid-tier price segment (BDT 20,000-BDT 30,000 or around $200-$300) shipments grew 17% YoY in 2022 and it was the sweet spot for the market in 2022. Smartphones with large displays, 128GB and above internal memory size and 5,000 mAh and above battery capacity were the key specifications preferred by Bangladesh consumers. The trend of smartphone upgrades and transition was increasingly leaning towards Chinese brands as they offer advanced features even in their entry-level models.”

Bangladesh’s overall mobile handset market declined 8% YoY in 2022. Symphony maintained its top position in the handset market, capturing a 26% share. The feature phone market grew 4% YoY in 2022 due to the weakened transition to smartphones caused by smartphone price hikes in the second half of the year. Smartphone share in the overall handset shipments declined to 39% in 2022 from 46% in 2021. Symphony also retained its top position in Bangladesh’s feature phone market, capturing a 37% share followed by itel, Nokia HMD and Walton.

5G smartphone shipments exceeded 1 million units for the first time in 2022, growing at 151% YoY. The share of 5G smartphones in Bangladesh’s smartphone market also reached an all-time high of 17% in 2022, compared to 9% in 2021.

On the 2023 outlook, Senior Analyst Karn Chauhan said, “After the challenging year for Bangladesh’s smartphone market, we believe the economy will slowly start recovering in 2023. The resumption of the feature phone-to-smartphone transition and acceleration in 5G adoption will likely help grow the market. However, the country’s management of inflation risks and cost-of-living crisis will determine the extent of this growth.”

Related Topics:Smartphone Smartphone Decline

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Progressive Life Insurance successfully settles claims totaling nearly Tk 40 crore in 2024

Published

2 weeks ago

January 10, 2025

kusha Kishoan

Reading Time: 2 minutes

Progressive Life Insurance Company Limited (PLICL) settled down insurance claims of approximately 40 (forty) crore taka in 2024 which has fortified clients’ confidence on the company. Progressive Life Insurance Company Limited entered 25th year on 6 January 2025. PLICL was founded on 6 January in the year 2000. Discussion programs, slicing a cake, offering dua and a colourful rally were organized to mark the company’s founding anniversary on Monday at PLICL corporate office in the capital.

The rally moved around different parts of Dhaka city and the officials of the company held a gathering in front of PLICL head office on Monday morning at 10:30 am.

PLICL Chairman (Acting) M Shoeb Chowdhury joined the 25th founding anniversary celebration virtually as the chief guest. M Shoeb Chowdhury said that the top management of Progressive Life Insurance Company Limited has been able to uphold the dream cherished by expatriate Bangladeshis whose contribution led to the establishment of the company. Shoeb Chowdhury laid emphasis on working with unity and solidarity for the company’s further advancement and to generate many more success stories.

PLICL Executive Committee Chairman Mezanur Rahman , Chairman of Audit Committee Dr. Md. Jamil Sharif, PhD, FCMA and former entrepreneur Prodeep Sen also attended the program. The event was presided over by the company’s Chief Executive Officer (CEO) Md. Saidul Amin. The 25th founding anniversary of Progressive Life Insurance Company Limited was celebrated in 32 districts and divisional offices across Bangladesh. Senior officials of the insurance company expressed hope and determination to transform PLICL into a top notch institution in days to come. The speakers at the program stated that Progressive Life Insurance Company Limited appointed 1200 development officers in 2024 and training courses have been initiated to upgrade their skills.

PLICL Deputy Managing Director (DMD) Mohammad Hossain Shaheed Suhrawardy, Senior DMD Shahjahan Azadi, Company Secretary Abdullah Al Mansur and Senior DMD Jaseem Uddin Prodhan addressed the program among other dignitaries.

Business

Banks see rising deposits for higher interest rates

Published

2 weeks ago

January 9, 2025

Md Mojahidul Islam

Reading Time: 2 minutes

Bank deposits grew in the third quarter of 2024 as many people were encouraged by rising interest rates to park their money at commercial lenders.

In the July-September period of the previous calendar year, bank deposits rose 7 percent year-on-year to Tk 18.25 lakh crore, with bank branches in rural areas registering higher deposit growth compared to their urban counterparts.

The significant hike in interest rates was a key driver behind the growth in bank deposits, said Syed Mahbubur Rahman, managing director and chief executive of Mutual Trust Bank PLC.

Besides, banks have carried out a lot of campaigns to attract depositors, he added while informing that they expect the uptrend of deposits to continue.

The weighted average interest rates on deposits rose to 5.88 percent in the July-September quarter last year from 4.55 percent during the same period of the previous year, according to data of the Bangladesh Bank.

But when comparing the April-June quarter, bank deposits declined by 0.73 percent year-on-year due to widespread unrest centring a mass movement that ousted the Awami League government on August 5.

Overall bank deposits stood at Tk 18.38 lakh crore by the end of last June.

Private commercial banks, including Islamic banks, constitute 68 percent of the total deposits at present.

However, the central bank data shows their deposits shrank 0.33 percent to Tk 12.58 lakh crore by the end of last September from Tk 12.62 lakh crore three months prior.

The crisis ridden Islamic banks recorded the steepest decline in deposits during the July-September period. Meanwhile, state banks closely followed even though both public and private banks saw deposit growth for about one year since the end of September 2023

On the other hand, loans and advances maintained an uptick for four quarters ending with the July-September period of 2024.

Loans and advances increased by 10 percent year-on-year to Tk 16.19 lakh crore by the end of September last year.

Between June and September of 2024, loans and advances to bank borrowers grew by 1.43 percent mainly in urban areas.

Business

২০২৪ সালে চল্লিশ কোটি টাকার বীমাদাবি প্রদান করলো প্রগ্রেসিভ লাইফ ইনসিওরেন্স

Published

2 weeks ago

January 9, 2025

Md Mojahidul Islam

Reading Time: < 1 minute

সফলতার ২৫ বছরে পা রাখলো প্রগ্রেসিভ লাইফ ইনসিওরেন্স কোম্পানী লিঃ।গতকাল ৬ জানুয়ারি ২০২৫ সালে ২৫তম প্রতিষ্ঠা বার্ষিকী উপলক্ষে আয়োজিত অনুষ্ঠানে এই তথ্য জানান কোম্পানিটির মুখ্য নির্বাহী কর্মকর্তা মোহাম্মদ সাইদুল আমিন। ৬ জানুয়ারী ২০০০ সালে এই কোম্পানিটির যাত্রা শুরু হয়। ঢাকায় প্রতিষ্ঠানের প্রধান কার্যালয়ে বর্ণাঢ্য শোভাযাত্রা,আলোচনা,কেক কাটা,দোয়া অনুষ্ঠান সহ বিভিন্ন আয়োজন করা হয়েছে।

২৫তম প্রতিষ্ঠা বার্ষিকী উপলক্ষে ঢাকার স্কাউট ভবন কার্যালয় থেকে সকাল ১০.৩০ টায় একটি শোভাযাত্রার আয়োজন করা হয়। পল্টন এর বিভিন্ন স্থান প্রদক্ষিণ শেষে প্রধান কার্যালয়ে সমবেত হন প্রগ্রেসিভ লাইফ ইনসিওরেন্স এর কর্মকর্তা কর্মচারীরা। প্রগ্রেসিভ লাইফ ইনসিওরেন্স কোম্পানী লিঃ এর মুখ্য নির্বাহী কর্মকর্তা মোহাম্মদ সাইদুল আমিন সেখানে সংক্ষিপ্ত বক্তব্য প্রদান করেন।

দুপুরে আলোচনা সভায় প্রধান অথিতি হিসেবে ভার্চুয়ালি যোগ দেন ভারপ্রাপ্ত চেয়ারম্যান এম শোয়েব চৌধুরী।তিনি বলেন, ২৫ বছর আগে যে লালিত স্বপ্ন নিয়ে প্রবাসী বাংলাদেশীরা এই প্রতিষ্ঠান তৈরি করেছে আমরা তা সমুন্নত রেখে এগিয়ে নিয়ে যাবো।তিনি সবাইকে একতাবদ্ধ হয়ে কাজ করার উপর গুরুত্ত আরোপ করেন।বিশেষ অতিথি হিসেবে উপস্থিত ছিলেন নির্বাহী কমিটির চেয়ারম্যান মোহাম্মদ মিজানুর রহমান, অডিট কমিটির চেয়ারম্যান ড. জামিল শরিফ ও সাবেক উদ্যোক্তা পরিচালক প্রদিপ সেন।

সভাপতির বক্তব্য মুখ্য নির্বাহী কর্মকর্তা মোহাম্মদ সাইদুল আমিন বলেন,দেশব্যাপী প্রগ্রেসিভ লাইফ এর ৩২ টি জেলা/বিভাগীয় অফিসে একযোগে আমাদের ২৫তম প্রতিষ্ঠা বার্ষিকী পালিত হচ্ছে যা আমাদের জন্য গর্বের বিষয়। ২০২৫ সাল প্রগ্রেসিভ লাইফ ইনসিওরেন্স ২৫তম বছরে আমাদের ঘুরে দাঁড়ানোর বছর। দেশের শীর্ষ বীমা কোম্পানিতে পরিণত করারা আশাবাদ ব্যক্ত করেন।তিনি জানান,২০২৪ সালে আমরা প্রায় ৪০ কোটি টাকা বীমা দাবি পুরন করে গ্রাহকদের আস্থা অর্জন করতে সক্ষম হয়েছি। সারা দেশে ১২০০ উন্নয়ন কর্মিকে নিয়োগ দিয়েছি এবং প্রশিক্ষণ কার্যক্রম চালু করেছি।বীমা খাতে দক্ষ কর্মী তৈরিতে প্রগ্রেসিভ লাইফ অগ্রণী ভূমিকা পালন করে চলেছে।

প্রগ্রেসিভ লাইফ ইনসিওরেন্স কোম্পানী লিঃ এর উপ-ব্যবস্থাপনা পরিচালক মোহাম্মদ হোসেন শহীদ সোহরাওয়ারদী , সিনিয়ৱ ডিএমডি শাহজাহান আজাদী,কোম্পানি সচিব আব্দুল্লাহ আল মনসুর,সিনিয়ৱ ডিএমডি জসীম উদ্দিন প্রধান সহ প্রমুখ বক্তব্য রাখেন।