India joins Apple iPhone’s top 5 markets for the first time, read full news
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Apple iPhone Update: 2023 is proving to be a very important year for Apple in India. The company is achieving record numbers in terms of sales of its products. Apple also opened not one but two retail outlets in the country. Reports suggest that Apple stores in Mumbai and New Delhi are doing very well. Now a report suggests that India has become the fifth largest market for Apple. According to a CNBC report quoting Counterpoint Research, India has overtaken Germany and France in terms of iPhone sales. According to Counterpoint, according to the data released for the June quarter, the four countries ahead of India are the US, the UK, China and Japan.
Apple’s market share in India
Although the numbers are encouraging, Apple’s overall market share is still very small. According to Counterpoint Research, Apple’s market share in India was 5.1%. This number is less but has increased compared to last year when Apple’s share was 3.4%. According to a CNBC report, India’s contribution to the total iPhone sales in the June quarter was close to 4%. The report states that Apple has shown a year-on-year growth of 50%. The premium smartphone market in India has grown over the years. While companies like Xiaomi and Samsung have dominated the budget and mid-range segments due to their presence, Apple has dominated the premium smartphone market. Over the past few years, smartphones priced above $400 (roughly Rs. 35,000) now account for 10% of the total smartphone market in India. This number was around 4% before the Kovid-19 pandemic.
Apple’s two physical stores in India
According to reports, Apple also has plans to increase the assembly of its devices in India. A report by Morgan Stanley states that India will become an even bigger market for Apple in the next five years. Let us tell you that Apple opened two of its physical stores in India in the last April. The first is Apple BKC at Jio World Drive in Mumbai on 18 April 2023 and the second physical store is Saket Apple Saket in Delhi on 20 April 2023. How important is India’s market for Apple, it is known from the fact that for the opening of these physical stores, the company’s CEO Tim Cook and the company’s top executives looking after the retail business also came to India.
What is Apple Store?
Apple Store is a retail store, which is known for more user experience than selling its products. The main focus of the world’s most popular brand is to get users accustomed to Apple’s ecosystem. The employees working in the Apple Store are called Apple Geniuses, who explain Apple’s products to the customers. On Apple Store, customers can use any product as much as they want before buying it. Apple’s first physical retail store opened on May 15, 2001, at the Tysons Corner Center Mall in Virginia, near the US capital Washington DC. Apple currently has retail stores in the US (more than 300), UK (more than 200), China (44), Canada (28), Australia (22), France (20), Italy (17), Germany (16), Japan (10), Spain (11), Hong Kong (6), South Korea (5), UAE (4), Turkey (3), Thailand (2), Taiwan (2), Switzerland (3), Sweden (3), Singapore (3), Netherlands (3), India (2), Mexico (2), Macau (2), Brazil (2), Belgium (1) and Austria (1).
Focus on India for iPhone manufacturing as well
Apple is not only increasing its market in India, it is also focusing here for the manufacturing of its products. The government’s Production Linked Incentive ie PLI Scheme for mobile manufacturing companies is motivating Apple to make iPhones in India. It is reported that by the year 2025, the company will make 18 percent of its total iPhone in India. At present it is 7 percent. According to the news of Economic Times, Amish Shah, India head and managing director of Bank of America, has said that we believe that India can be a reliable international supply chain option for mobile phones / electronics. We believe India’s efforts to cut imports/increase exports could improve its macro-outlook.
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