There is still room for newcomers in the smartphone market, said Cozza. People still using feature phones in developing markets are looking to upgrade, and the replacement cycle is a little shorter there.
Xiaomi is doing well in China, and "we may see other local champions like Micromax or Wiko," she said. Micromax Informatics is based in India while Wiko, a French company, is expanding across Southern Europe and into Indonesia.
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