Tim Cook, Apple’s Chief Executive Officer (CEO) greets the media with folded arms exterior the Apple retailer at Jio World Drive mall, Mumbai, India, April 18, 2023.
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India grew to become Apple’s fifth largest iPhone market in the second quarter, in accordance with analysis launched Tuesday, as the U.S. know-how large ramps up distribution and advertising in what CEO Tim Cook sees as a essential future market.
For Apple, India overtook Germany and France for iPhone gross sales in 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 first time India has been one of Apple’s top 5 markets for iPhone gross sales.
India contributed near 4% of all iPhone gross sales in the second quarter, in accordance with the analysis agency. The agency was not capable of disclose the precise quantity of iPhone gross sales however stated they grew 50% year-on-year.
Apple commanded a 5.1% market share in India’s complete smartphone market in the interval to the finish of June, versus 3.4% in the identical interval final yr, Counterpoint Research stated.
The speedy development in India comes as Apple ramps up its presence in the world’s fifth-largest financial system from each a retail and manufacturing perspective.
In April, (*5*) in the capital of Delhi and the populous metropolis of Mumbai.
Apple has also shifted some iPhone manufacturing to India because it seems to be to diversify away from China, the place the bulk of its flagship smartphone is at the moment 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 has been a growth in the premium smartphone segment. Smartphones priced above $400 now account for 10% of the complete volumes of handsets shipped versus 4% earlier than the Covid-19 pandemic, in accordance with Counterpoint Research.
Apple’s development story in India has been a mixture of the firm’s “general technique specializing in distribution and affordability,” Ankit Malhotra, senior analysis analyst at Counterpoint Research, advised CNBC through e-mail.
“The first industry-wide issue is the development in the premium market in India which Apple has taken benefit of.”
Analysts are enthusiastic about the prospects of India for Apple. Morgan Stanley said in a note Monday that Apple might account for 15% of Apple’s income development over the subsequent 5 years. Analysts at the funding financial institution forecast income development over then subsequent 10 years in India to face at $40 billion.
