Dhaka, May 9 (IANS): itel became the fastest growing smartphone brand in Bangladesh with a growth of 564 per cent year-on-year (YoY) in the first quarter of 2018, capturing 10 per cent market share.

It left behind South Korean electronics major Samsung that saw 46 per cent decline in shipments, a new report said on Wednesday.

According to market research firm Counterpoint Research, Chinese brands continued to grow in Bangladesh and now capture 38 per cent of the smartphone segment growing 25 per cent YoY while the overall market declined.

"Bangladesh's smartphone market declined 18 per cent YoY as consumers decided to postpone their device purchases in anticipation of value for money 4G smartphone offerings in the coming quarters," Tarun Pathak, Associate Director at Counterpoint Research, said in a statement.

"4G network rollout started during first quarter of 2018 by leading telcos such as Grameenphone, Robi Axiata and Banglalink. As network coverage expands over a period of time, the demand of 4G smartphones will pick-up in the coming quarters," he added.

According to Counterpoint's estimates, the overall smartphone market in Bangladesh would grow 16 per cent YoY in calendar year 2018.

Although Chinese brands grew in the country with affordable offering in the sub-$100 segment, Bangladeshi brand Symphony continued to lead the market with its value-for-money offerings.