India ranks among Apple’s top 5 iPhone markets for the first time: Report – Crypto News – Crypto News
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Apple opened its first offline store in April this year (REUTERS) Apple opened its first offline store in April this year (REUTERS)

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India ranks among Apple’s top 5 iPhone markets for the first time: Report – Crypto News

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According to a research released by Counterpoint Research and reported by CNBC on Tuesday, India has become Apple’s fifth largest iPhone market in the second quarter. Apple’s increased focus on distribution and marketing in India, seen as a critical future market by CEO Tim Cook, has resulted in India surpassing Germany and France in iPhone sales. India now ranks behind the UK, Japan, China, and the US in terms of iPhone sales.

This is the first time India has entered Apple’s top five markets for iPhone sales.

Counterpoint Research noted that India accounted for nearly 4% of all iPhone sales in the second quarter. While apple did not disclose the exact number of units, its sales in India grew by 50% year-on-year.

Apple’s market share in India’s total smartphone market also rose to 5.1% in the period ending in June, up from 3.4% in the same period last year.

Apple’s expansion in India includes the opening of its first physical stores in Delhi and Mumbai, as well as a shift in iPhone manufacturing to India to reduce dependence on China. While the Indian smartphone market is largely dominated by low-cost Android devices from Chinese brands like Xiaomi and Samsung, there has been growth in the premium smartphone segment, with smartphones priced above $400 accounting for 10% of total shipments.

Ankit Malhotra, senior research analyst at Counterpoint Research, attributed Apple’s growth in India to its overall strategy focusing on distribution and affordability, as well as the growth of the premium market in the country.

“The first industry-wide factor is the growth in the premium market in India which Apple has taken advantage of,” he told CNBC.

Analysts, including those at Morgan Stanley, are optimistic about Apple’s prospects in India, with expectations that India could contribute to 15% of Apple’s revenue growth over the next five years, amounting to a projected revenue growth of $40 billion over the next decade.

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Updated: 18 Jul 2023, 07:14 PM IST

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