India surpassed France and Germany to become the fifth-largest iPhone market for Apple in Q2 2023. This is the first time India has become one of Apple’s top five iPhone markets.
The Asian country has emerged as a key market for Apple in recent years. It now trails China, the US, Japan and the U.K. in iPhone sales.
iPhone sales in India are surging
Counterpoint Research claims iPhone sales in India surpassed France and Germany in the quarter ending June 2023. The country accounted for 4% of iPhone sales during this period. Apple reportedly saw a 50% YoY jump in iPhone sales, though the exact units shipped were not revealed. Thanks to this, Apple’s market share in India jumped to 5.1%, up by 1.7% from last year.
The strong iPhone sales come on the back of Apple opening its first-ever retail store in India. This was quickly followed by the second store opening in the country’s capital. The store openings were a high-profile affair, with Tim Cook and several other top-end Apple executives visiting the country. Apart from its stores, Apple has been expanding its retail presence nationwide and heavily advertising its products.
Low-end Android phones dominate the sales chart in India. However, after COVID-19, there has been an uptick in the sales of premium devices costing $400 or more. Apple is an aspirational brand in the country and has benefited from this. Analysts expect India to play a key role in driving iPhone revenues for Apple in the coming years.
India could become the next China for Apple
Apart from a key consumer market, Apple is investing heavily in India to make it an alternate production hub.
The company is already producing and exporting iPhone 14 from the country. It also asked its suppliers to ramp up their efforts in moving production of more of its devices to the Asian country. To achieve this, the Cupertino giant made some organizational changes in March 2023 to focus more on India.
Source: CNBC
