Apple’s high five: India becomes the fifth largest market in the world for iPhones – Times of India

Apple’s high five: India becomes the fifth largest market in the world for iPhones - Times of India

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2023 is turning out to be quite an year for Apple in India. The company has been hitting record numbers when it comes to sales of its products. Apple also opened not one but two retail outlets in the country. Reports have suggested that the Apple Stores in Mumbai and New Delhi have been doing quite well. Now, a report suggests that India has become the fifth largest market for Apple.
According to a CNBC report, which quotes Counterpoint Research, India has overtaken Germany and France when it comes to iPhone sales.As per Counterpoint, the data was for June quarter and the four countries ahead of India are the US, UK, China and Japan.
Overall market share still ‘low’
While the numbers are encouraging, Apple’s overall market share is still quite low. According to Counterpoint Research, Apple’s market share in India was 5.1%. The number is low but did increase compared to last year when Apple’s share was 3.4%. As per the CNBC report, India’s contribution to total iPhone sales in the June quarter was close to 4%. Apple has shown 50% year-on-year growth, noted the report.
The premium smartphone market in India has grown in the last couple of years. While the likes of Xiaomi and Samsung dominate because of their presence in budget and mid-range segment, Apple has led the charts in the premium smartphone market. In the last couple of years, smartphones above $400 (roughly Rs 35,000) now account for 10% of the total smartphone market in India. This number was close to 4% pre-Covid-19 pandemic.
Apple also has plans to ramp up assembly of its devices in India, according to multiple reports. A report by Morgan Stanley has suggested that India will become an even bigger market for Apple in the next five years.



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