The biggest trend in Indian mobile market is the white hot data growth that is driven by more affordable smartphones, faster rollout of 3G/ 4G networks by market leaders and a favourable demographic profile.
Contrary to market expectations that Reliance Jio may disrupt, Jio will act as a positive catalyst for mobile data adoption, as: 1) 4G handsets are likely to get cheaper; 2) Data pricing should become even more affordable. We have factored in RJio to take as much as ~12% data market share by 2020E (optimistic, considering RJio has not yet launched and will be primarily 4G).
