Apple is poised to expand its presence in India’s smartphone market, with a focus on its high-end iPhone 15 Pro and Pro Max models. Market research firm Counterpoint’s data, exclusively shared with Reuters, suggests that Apple’s share of smartphone sales in India is expected to rise to 7% in the second half of 2023, up from 5% in the first half of the year. This growth comes as Apple seeks to establish India as a key growth driver, given declining sales in other markets and increased manufacturing operations by its suppliers within the region, driven by both demand and regulatory factors.
The demand for Apple’s latest offerings, the iPhone 15 Pro and Pro Max, is evident in India, with wait times extending to late October, a trend also seen in China and the US. Counterpoint estimates that these new models will account for 25% of overall iPhone 15 shipments in India during the fourth quarter, representing a 4% increase compared to the previous generation’s top-range models a year earlier. Apple’s success in the premium smartphone market in India has been instrumental in driving this growth, with the premium segment’s share of the market increasing from 0.8% in 2019 to 6.1% in the first half of 2023, largely attributed to Apple’s performance.
Apple’s dominance in India’s premium smartphone segment is evident, as it holds a 67% share of smartphones priced over $800 in the first half of 2023, according to data from market intelligence firm IDC. Samsung, one of Apple’s main competitors, accounts for 31% of this segment. Apple has also made strategic moves to bolster its presence in India, including the opening of two flagship stores earlier this year. Tim Cook, Apple’s CEO, reported “record” revenue from India in the June quarter, underscoring the company’s commitment to the Indian market.
However, it is worth noting that while Apple’s progress in India is significant, there is still a considerable gap to bridge in terms of sales compared to its major markets. According to estimates from Morgan Stanley, Apple’s revenue from India is roughly half of what it generates in China, highlighting the potential for further growth and market expansion in the coming years.