As Apple doubles down on domestic manufacturing in India, the tech giant is likely to garner 6 per cent market share in FY23-34…reports Asian Lite News
Amid the local manufacturing push and an upcoming widespread retail store strategy, Apple shipped $7.5 billion worth iPhones and iPads in India in FY22-23, data accessed has shown.
In FY23, Apple shipped more than 7 million iPhones and half a million iPads in the country, registering a 28 per cent growth for iPhone shipments, according to initial estimates provided by market intelligence firm CMR.
As Apple doubles down on domestic manufacturing in India, the tech giant is likely to garner 6 per cent market share in FY23-34, with selling more than 8 million iPhones in the country in the period.
“In the FY22-23 period, Apple continued to accelerate its momentum in India, with double-digit growth in iPhone shipments year-on-year,” Prabhu Ram, Head, Industry Intelligence Group, CMR, told.
Meanwhile, in the March quarter (the last quarter of FY23), iPhones registered 67 per cent growth, with 2.1 million shipments in the country.
“In the most recent March quarter, a strong uptick in consumer demand in India catalysed the shipments of iPads and iPhones. Specifically, the current iPhone 14 series, and the previous iPhone 13 line-up constituted for a majority of the shipments,” Ram added.
iPhone 13 series garnered 48 per cent market share in Q1 2023, followed by iPhone 14 series at 44 per cent.
For the entire FY23, iPhone 14 series logged 36 per cent market share in India.
Looking ahead, Apple enjoys some favourable tailwinds in India, a strong future growth driver.
“There is growing ‘premiumsation’ in the Indian smartphone market, backed by a healthy urban demand for premium smartphones. Domestic iPhone manufacturing in India continues to see a healthy uptick, and there is potential for concurrent iPhone production with China on the horizon,” Ram told IANS.
Apple will open its two flagship, own-branded retail stores, next week in Mumbai and New Delhi.
According to reliable sources, Apple CEO Tim Cook will inaugurate Apple’s own branded retail stores — at Jio World Drive Mall in Mumbai and at Select CityWalk mall in Saket, Delhi — a first for the tech giant which has doubled down on its India growth plans.
“The new Apple flagship retail stores in Mumbai and Delhi, backed by aggressive sales initiatives, will fuel Apple’s growth in the year ahead,” said Ram.