According to industry data, iPhones experienced a 28% growth in India, increasing their market share from 4% in 2022 to over 6% in 2023. In the fourth quarter of 2023 alone, iPhone shipments in India saw a 7% growth, reflecting strong progress in a critical growth market for Apple.
The growth is attributed to the premiumization trend in India, with the iPhone 15 benefiting from this trend. The continued significance of older generation iPhones, including the iPhone 14 and 13 series, is seen as a result of Apple's affordability initiatives and targeted retail strategies that appeal to a broader spectrum of Indian consumers.
As part of the production-linked incentive (PLI) scheme, Apple has been focusing on local manufacturing in India. In 2023, Apple assembled iPhones worth more than Rs 1 lakh crore in India. However, industry sources suggest that the actual market value of iPhones manufactured/assembled in India could be higher, depending on taxes in other countries.
India, led by Apple, is expected to exceed $15 billion (over Rs 1,24,000 crore) in mobile phone exports in the current fiscal year (FY24), representing a 35% growth over the last fiscal year. In FY23, Apple's revenue in India reached nearly Rs 50,000 crore, with sales increasing by 48% to Rs 49,321 crore and net profit rising by 76% to Rs 2,229 crore, marking the fastest growth of net profit for Apple in India in the last five years.
(With Agency Inputs)
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