India has emerged as Apple’s fifth-largest market for iPhone sales during the second quarter of 2023, surpassing several established iPhone markets for the California-based tech giant, according to a new analysis by Counterpoint Research (via CNBC).
iPhone sales in India surpassed those of Germany and France, now only standing behind the US, Japan, China, and the UK. Counterpoint Research affirms this as a new milestone for the South Asian country, as this is the first time that India has broken into Apple’s top five iPhone markets worldwide.
iPhone sales statistics across the board saw a considerable jump in the country during the second quarter, adds the research firm. Sales in India represented 4% of all global iPhone sales, recording an impressive 50% growth year-over-year. As a result, iPhone market share in the country now stands at 5.1% compared to 3.4% in the year-ago quarter.
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Premium smartphone sales in India have enjoyed stellar growth in the last few years, and Apple is making full use of that momentum. Counterpoint Research attests that smartphones priced above $400 now represent 10% of all smartphone shipments in India compared to 4% prior to the COVID-19 pandemic. “The first industry-wide factor is the growth in the premium market in India which Apple has taken advantage of,” said Ankit Malhotra, senior research analyst at Counterpoint Research.
Apple has been expanding its presence in India, and the company’s efforts are now paying off. In April, Apple opened its first two retail store locations in the country, and one store is already considered one of the top ten performing Apple Store locations worldwide. Apple is also considering the expansion of its fintech efforts to India, as the company has reportedly entered discussions with leading Indian financial institutions to launch Apple Pay and Apple Card.
Apple and its partners are also expanding their manufacturing base in India. As a first, the iPhone 15 is rumored to begin assembly in India simultaneously with China as Apple keeps adding more India-based contract manufacturers to its supply chain mix. The company is also rumored to weigh in on the production of MacBooks and iPads in the country following the announcement of a $2 billion manufacturing incentive plan for foreign-based companies.
