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Thursday, June 20, 2024

India Becomes Apple’s Top 5 iPhone Market for the First Time

In the second quarter, India emerged as Apple’s fifth-largest market for iPhone sales, according to a research report published on Tuesday. AS STATED BY CEO TIM COOK, the U.S. tech giant has been intensifying its efforts in distribution and marketing, considering India as a crucial market for its future growth.

Apple surpassed Germany and France in iPhone sales during the June quarter, placing India just behind the United Kingdom, Japan, China, and the United States, according to Counterpoint Research, as reported by CNBC. This milestone marks the first time India has secured a spot among Apple’s top five markets for iPhone sales.

According to a research firm, India accounted for nearly 4% of all iPhone sales in the second quarter. Although the exact number of iPhone sales was not disclosed, the firm reported a 50% year-on-year growth.

During the period ending in June, Apple held a 5.1% market share in India’s total smartphone market, compared to 3.4% in the same period last year, as stated by Counterpoint Research.

Apple’s expansion in India encompasses retail and manufacturing aspects, leading to its rapid growth in its fifth-largest economy. In April, Apple inaugurated its first physical stores in Delhi and Mumbai.

To diversify away from China, where most flagship smartphones are manufactured, Apple has shifted some manufacturing of iPhone to India.

While India’s smartphone market is primarily dominated by affordable Android smartphones from Chinese brands like Xiaomi and Samsung, there has been an increase in the premium smartphone segment. Counterpoint Research indicates that smartphones priced above $400 now account for 10% of total handset volumes shipped, compared to 4% before the Covid-19 pandemic.

According to Ankit Malhotra, a senior research analyst at Counterpoint Research, Apple’s success in India can be attributed to its overall strategy focusing on distribution and affordability.

Analysts are optimistic about Apple’s prospects in India. In a note, Morgan Stanley stated that India could contribute 15% of Apple’s revenue growth over the next five years. The investment bank’s analysts forecast a revenue growth of $40 billion over the next decade in India.

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