2023 seems to be quite a year for Apple in India. The company achieved record sales figures for its products. Apple also opened not one, but two retail stores in the country. According to reports, Apple stores in Mumbai and New Delhi have done quite well. Now, according to the report, India has become Apple’s fifth largest market. India has surpassed Germany and France in iPhone sales, according to a CNBC report citing Counterpoint Research. Counterpoint’s data was for the June quarter and the four countries ahead of India are the United States, the United Kingdom, China and Japan.
While the numbers are encouraging, Apple’s overall market share is still quite low. Based on Counterpoint Research, Apple’s market share in India was 5.1%. This figure is low, but higher than last year, when Apple shares rose 3.4%. According to a CNBC report, India accounted for nearly 4% of total iPhone sales in the June quarter. According to the report, Apple showed an annual growth of 50 percent. India’s premium smartphone market has grown over the past few years. While Xiaomi and Samsung devices dominate due to their presence in the budget and mid-range segments, Apple has led the way in the high-end smartphone market. Over the past few years, smartphones priced above $400 (roughly Rs. 35,000) now account for 10 percent of the Indian smartphone market. Before the Covid-19 pandemic, this figure was close to 4%. Apple is also planning to increase the assembly of its devices in India, according to several reports. As per the report of Morgan Stanley, it is indicated that India will become an even bigger market for Apple in the coming five years.