Tim Cook, chief government officer of Apple Inc., middle, greets clients in the course of the opening of the brand new Apple Saket retailer in New Delhi, India, on Thursday, April 20, 2023.
Prakash Singh | Bloomberg | Getty Images
India grew to become Apple’s fifth largest iPhone market within the second quarter, in line with analysis launched Tuesday, because the U.S. know-how large ramps up distribution and advertising and marketing in what CEO Tim Cook sees as a vital future market.
For Apple, India overtook Germany and France for iPhone gross sales within the June quarter, and is now behind the U.Ok., Japan, China and the U.S., Counterpoint Research advised CNBC on Tuesday. It is the primary time India has been one in all Apple’s prime 5 markets for iPhone gross sales.
India contributed near 4% of all iPhone gross sales within the second quarter, in line with the analysis agency. The agency was not in a position to disclose the precise variety of iPhone gross sales however stated they grew 50% year-on-year.
Apple commanded a 5.1% market share in India’s whole smartphone market within the interval to the top of June, versus 3.4% in the identical interval final yr, Counterpoint Research stated.
The speedy progress in India comes as Apple ramps up its presence on the earth’s fifth-largest economic system from each a retail and manufacturing perspective.
In April, Apple opened its first bodily shops within the nation within the capital of Delhi and the populous metropolis of Mumbai.
Apple has additionally shifted some iPhone manufacturing to India because it appears to diversify away from China, the place the majority of its flagship smartphone is at present produced.
India’s smartphone market is dominated by low-cost Android smartphones made by Chinese gamers like Xiaomi in addition to Apple’s arch rival Samsung. However, there was a progress within the premium smartphone section. Smartphones priced above $400 now account for 10% of the entire volumes of handsets shipped versus 4% earlier than the Covid-19 pandemic, in line with Counterpoint Research.
Apple’s progress story in India has been a mix of the corporate’s “overall strategy focusing on distribution and affordability,” Ankit Malhotra, senior analysis analyst at Counterpoint Research, advised CNBC by way of e mail.
“The first industry-wide factor is the growth in the premium market in India which Apple has taken advantage of.”
Analysts are excited concerning the prospects of India for Apple. Morgan Stanley stated in a word Monday that Apple may account for 15% of Apple’s income progress over the following 5 years. Analysts on the funding financial institution forecast income progress over then subsequent 10 years in India to face at $40 billion.
Source: www.cnbc.com